absolute labs Raises $8M in Seed Funding to Grow Wallet Relationship Management Platform for Web3 Marketing
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Aglaé Ventures, MoonPay, Near Foundation, Samsung Next, Sparkle Ventures and others participated in the funding round.
Current users of the platform include LVMH, The Sandbox, Moonpay, and Mocaverse, among others.
absolute labs, a wallet relationship management platform, has closed an $8 million seed round joined by Aglaé Ventures, Alpha Praetorian Capital, The Luxury Fund, Near Foundation, MoonPay, Plassa Capital, Punja Global Ventures, Samsung Next, Sparkle Ventures (Animoca Brands), and W3i.
The funds will be used to hire software developers/engineers with combined knowledge and expertise in blockchain technology and marketing infrastructure and forge strategic partnerships as the platform expands its footprint in the web3 CRM space.
The platform has already garnered the attention of some prominent brands, and its user base includes companies like LVMH, The Sandbox, Moonpay, and Mocaverse. With the web3 CRM platform, brands can use wallet data from public blockchains to obtain comprehensive data analysis, create practical segments, and execute cross-channel campaigns such as NFT airdrops. Additionally, the platform allows brands to foster social community engagement and perform other related activities.
Commenting on today’s news, Franck Le Moal, Chief Information Officer at LVMH, said: “We are delighted to work with absolute labs to explore Web3 data and how this can enhance client experience. Their solution will be pivotal as luxury and FMCG brands push further into Web3.”
Speaking to Metaverse Post, Samir Addamine, co-founder & CEO of absolute labs, explained that marketers face the challenge of managing their customer relationships in web3 as wallets are public yet anonymous. He said no existing web2 CRM software solutions natively provide profile-rich wallet data and automation today.
“WRM has real-time data on 400+ million wallets that can be parsed by any number of criteria, including interests (psychographics) and behaviors,”he said.
absolute labs’ ‘secret sauce’ is its data warehouse, which was designed by a team with deep experience in enterprise big data to support segmentation across web2 and web3 environments. As an enterprise-grade platform, unifying web2 and web3 data is done with the end user’s approval.
“The platform enables companies to “ingest” their existing web2 data into the system easily for seamless cross-channel communication. There are functions within the platform to associate wallets with assets such as email addresses and social handles where they have been volunteered by the user,” Addamine explained. “A critical point to make is that it is the consumer that is choosing how his/her data will be shared/used and, even in the cases where he/she decides to remain anonymous, marketers still have the ability to communicate with him/her in a relevant and timely manner.”
Critical insights available to growth and marketing teams include:
- On-chain activity
- Other holdings in a wallet (e.g., NFTs or DeFi)
- Buying power
- Lifestyle interests
- Engagement history
According to Ammadine, one client that has successfully leveraged the absolute WRM platform is a “leading gaming platform built on Ethereum, which incorporates NFTs into its ecosystem.” The platform wanted to target a segment of community members that were truly engaged in the value of their NFTs instead of “flippers.”
Using the absolute labs web3 native insights and segmentation engine, the gaming were able to analyze wallet holdings, wallet transaction history, and web2-based customer analytics to identify and watch their desired segment over time.
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