Scalar Capital

Aug 30, 2023

✕ THE SCOOP Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro EMAIL Exclusive The web3 marketing startup DeForm raised $4.6 million in seed funding. Kindred Ventures led the round, which had additional participation from Elad Gil, Scalar Capital and others. DeForm aims to give marketers blockchain-based tools to tailor marketing initiatives for web3 users. Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block. Connect/Create Wallet You can unlock at any time. * No wallet? No problem. You can set one up for free. We recommend Torus for first-time users. *a 2% locking fee will be added at the time of locking. Web3 marketing firm DeForm has secured $4.6 million in seed funding. Born from its parent firm Contribution Labs, the San Francisco-based startup gives marketers blockchain-based tools to help augment the digital marketing landscape. Marketers can use the DeForm platform to understand a user based on their wallet transaction history and token ownership, and thus provide tailored marketing initiatives. The platform itself is blockchain agnostic but built on top of the Layer 1 Alchemy. Kindred Ventures led the round, which had additional participation from Elad Gil, Scalar Capital, A.Capital, Alchemy Ventures, Naval Ravikat, Sota Watanabe, Sep Kamvar, Scott Belsky, Marc Bhargava and others. DeForm's future plans DeForm intends to use the funds to expand its team, as well as to continue tackling the hurdles for verifying consumer transaction history across different blockchains. "The biggest challenge that we face right now is checking for wallet activity, just because there's a lot of different individual activity that happens throughout so many different chains. Some of them are supported by default infrastructure providers, others are not," DeForm CEO and co-founder Catherine Chang told The Block. Checking for wallet activity for customers using a different L1 or L2 blockchain comes with time-consuming checks and balances, as well as determining what is and isn't arbitrary, Chang noted. "It can become pretty challenging for our team to sift through the masses of data to figure out specific activities," she added. Despite the technical challenges, DeForm has already penned notable partnerships, such as with Coinbase's new Layer 2 network Base for the platform's digital asset program. "We launched the Genesis Builder NFT as a permanent onchain record of our appreciation for builders who built their projects on Base Mainnet from its very early stages," Base creator Jesse Pollak said in a statement. "Working with DeForm has been invaluable in this process to help us collect and verify the information we’d need to make the program a success." © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Get unlimited access to The Block’s most premium content. Learn More