hang web3powered 16m series paradigmmatneytechcrunch
hang web3powered 16m series paradigmmatneytechcrunch, a platform empowered by Web3 that facilitates connections between brands and members, was officially launched on Thursday. The company revealed that it successfully secured $16 million in a Series A funding round, spearheaded by Paradigm.
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hang web3powered 16m series paradigmmatneytechcrunch
Matt Smolin, the co-founder and CEO of Hang, shared with CoinDesk via email that the allocated funds will primarily be directed towards enhancing the product, engineering, and go-to-market teams. The focus will be on accelerating the platform’s operations and expanding its scale.
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Additional investors in the funding round included prominent names such as Tiger Global Management, Thirty Five Ventures, Night Ventures, Warby Parker, and the venture firm Good Friends, among several others.
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The Hang platform enables brand program managers to establish membership regulations, incorporate benefits and rewards, and integrate with various third-party services. Leveraging non-fungible tokens (NFTs), the membership programs incentivize customers with exclusive rewards and perks.
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According to Smolin, “With the democratization of e-commerce infrastructure and recent privacy alterations from Apple and Meta, the costs for brands to acquire customers and encourage valuable actions have surged significantly.”
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He emphasized that Hang provides brands with a solution to offset these mounting acquisition costs and enhance the value of their existing user base. This is achieved by utilizing the distinct advantages of NFT technology to revolutionize customer relationships, fostering shared incentives, reciprocity, and community spirit.
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Notably, hang web3powered 16m series paradigmmatneytechcrunch has already initiated collaborations with renowned entities such as Budweiser, Pinkberry, Bleacher Report, and Superfly, the organization responsible for orchestrating the Outside Lands and Bonnaroo music festivals.
