Estée Lauder NIV, a16z crypto back $7 million funding round for blockchain-based beauty brand KIKI World
by MK Manoylov
PUBLISHED 1 minute earlier on The Block
UPDATED: April 9, 2024, 10:47AM EDT
- The community commerce firm KIKI World raised $7 million in fresh funding.
- a16z crypto, The Estée Lauder Companies’ New Incubation Ventures (NIV) and others backed the round.
- KIKI World offers users blockchain-based rewards, collectibles and community experiences centered around beauty products.
KIKI World, a blockchain-based community commerce firm, raised $7 million in a funding round.
a16z crypto and The Estée Lauder Companies’ New Incubation Ventures participated in the round, which received additional support from Double Down, 2Punks Capital, Advancit, RedDao, OrangeDao and the NFT influencer GMoney.
KIKI World offers users blockchain-based rewards, collectibles and community experiences centered around beauty products. The firm uses web3 infrastructure to help get customer input on new products, particularly in cosmetics, fragrances and other items. Customers vote on what products they want to see and earn points and digital tokens. The firm intends to launch a new platform allowing creators, brands and fans to launch engagement campaigns and perks in April 2024.
Blockchain-based rewards
Launched in May 2023, KIKI World offered products, such as a peel-off nail polish, with implanted chips that reward customers each time they used the item. KIKI World users could also claim an Ethereum-based digital membership card called a KIKI World Pass for their participation.
“The KIKI World Pass is an on-ramp to the world of web3 and the first step towards a world where customers have a true stake in the products they help create and take more control of their data and identity online,” KIKI World wrote in a release.
The firm’s marquee backer, cosmetics giant The Estée Lauder Companies, disclosed net sales of $3.52 billion for its financial quarter ending Sept. 30, 2023, and $15.16 billion in the past four quarters and has a market cap of nearly $53 billion, according to Yahoo Finance.
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