– Launch follows the close of a $3 million seed funding round co-led by Valor Equity Partners, Valor Siren Ventures, and Chive Media Group CEO John Resig
– Anchored by $100 million from Starbucks, Valor Siren Ventures backs early-stage startups poised to disrupt retail
– Project Venkman joins out-of-home TV platform Atmosphere as another successful Chive Media Group spin-off
Project Venkman, an e-commerce engagement solutions platform, has launched to rethink how brands evolve outdated loyalty points models and drive consumer retention. The startup was co-founded by executives of theCHIVE, the online community known for irreverent content and merchandise partnerships with celebrities such as Bill Murray and John Daly.
Corporate rewards programs historically have been deliberately opaque, deterring redemptions and undermining consumer engagement. Using emerging blockchain and NFT technologies, Project Venkman will provide businesses with branded community crypto tokens and treasury management tools to design incentive programs that are transparent and deliver users tangible rewards for their purchases, driving brand engagement. Project Venkman will also offer clients the ability to create digital collectables and NFTs to integrate with community awards.
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“America has over 4 billion loyalty program memberships, accounting for over $170 billion in existing rewards points,” said Project Venkman co-founder and CEO Gavin Gillas. “Of those points, over $50 billion are unredeemed. The opportunity to drive customer acquisition and retention with finite branded community tokens is massive.”
Among Project Venkman’s first clients will be theCHIVE, which boasts over 10 million active members, 99% organic traffic and a robust e-commerce business that has generated over $400 million in revenue to date.
“TheCHIVE will be an ideal proof-of-concept customer for Project Venkman,” said John Resig, who co-founded Project Venkman alongside Gillas, as well as Leo Resig, Mike Grisko, and Alen Durbuzovic, who are also Chive executives.
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“Project Venkman will provide the tools to create a trustworthy loyalty ecosystem that gives tenable value back to the users that drive value for the network,” John Resig added. “It’s the perfect solution for any brand looking to drive engagement, traffic, transactions, and brand affinity.”
In coming months, theCHIVE members will receive new digital wallets to earn community tokens and participate in its NFT offerings. Chive users will be able to accrue tokens for purchases, content uploads, comments or time on site, among other actions. Tokens can be redeemed for merchandise discounts, access to exclusive sales or events, or digital rewards.
