Boarding PassBring’s mission to offer cashback to web3 at scale
Boarding Pass
Bring’s mission to offer cashback to web3 at scale
The company has raised a total of $1.1 million to bridge the gap between the crypto ecosystem and traditional finance
“Our product is poised to revolutionize the market by enabling web3 wallets and exchanges to offer crypto cashback services,” explained Bring. “Historically, such services have been limited to direct-to-consumer (B2C) models. However, our innovative approach opens up new avenues for B2B2C partnerships, allowing wallets and exchanges to enhance their offerings and provide added value to their users.”
Bring was founded in 2023 and has raised $1.1 million for its white-label crypto service. It believes it can offer an entry point into the world of Web3 and help users when purchasing items from retailers online.
“This shift not only expands the reach of crypto cashback rewards but also fosters deeper integration of crypto into everyday financial transactions, ultimately driving greater adoption and engagement within the market,” the company added.
You can learn more about Bring below.
Company Name: Bring Web3
Sector: Blockchain Services
Product/Service description:
Bring's innovative platform pays cashback when purchasing fashion, electronics, health and beauty, travel services, and much more from 450 retailers. Web3 wallets and exchanges integrate our white-label solution to offer their users a frictionless and intuitive cashback experience.
The platform offers a range of search options while showcasing top brands. Via our expertly designed search engine, users find the products, brands, and services they love. They can search for “laptops” or “shoes”, or for preferred brands like Apple or Nike, and then select from a curated list of stores providing crypto cashback on their desired items.
Users enjoy a seamless e-commerce experience, using their preferred payment methods to purchase in fiat. After completing a purchase, they receive their earned crypto directly into their web3 wallet or exchange, making the process both convenient and rewarding.
Founder Bios:
Iri Zohar, a seasoned entrepreneur in the retail and ad tech sectors, brings a wealth of knowledge and experience, having founded successful ventures such as Oridian, eXelate, and Freshub, all of which achieved significant exits totaling hundreds of millions of dollars.
Moran Shaked, a senior team member and the founder of "Miss Bitcoin," the first global women community of Bitcoin and crypto, adds unique insights and perspectives to our team.
Year of Founding: 2023
Last Investment Round: $1.1 million
Last Investment Stage: Pre-Seed
Date of Last Investment: June 2024
Total investment to date: $1.1 Million
Investors: StarkWare, 12A, Team-X, V3ntures
Current number of employees: 9
Open positions: N/A
How was the idea born?
The idea for Bring Web3 crypto cashback was born from a desire to bridge the gap between the crypto ecosystem and traditional finance. Recognizing the disconnect between these two worlds, we aimed to create a seamless integration through a familiar concept: cashback. This vision was cultivated by our founder's extensive and innovative background in AdTech and Crypto, with a big goal of achieving mass adoption of Web3. By leveraging this widely understood mechanism and drawing upon our expertise, we sought to provide an intuitive entry point into the world of Web3, making it more accessible and user-friendly for everyone.
What is the need for the product?
Our product fulfills distinct needs across three key areas crucial to our solution. Firstly, it provides users with a user-friendly avenue to earn cryptocurrency effortlessly, fostering increased engagement. Secondly, for Web3 wallets and exchanges, integration represents a revenue-generating opportunity and offers a means to stand out in a competitive market landscape. Lastly, retailers benefit from access to a vast crypto enthusiast audience and a cost-effective incentive strategy. By addressing these needs, our product facilitates the widespread adoption of Web3 while delivering value to all involved parties.
How is it changing the market?
Our product is poised to revolutionize the market by enabling web3 wallets and exchanges to offer crypto cashback services. Historically, such services have been limited to direct-to-consumer (B2C) models. However, our innovative approach opens up new avenues for B2B2C partnerships, allowing wallets and exchanges to enhance their offerings and provide added value to their users. This shift not only expands the reach of crypto cashback rewards but also fosters deeper integration of crypto into everyday financial transactions, ultimately driving greater adoption and engagement within the market.
How big is the market for the product and who are its main customers?
The market for our product is substantial, with significant potential for growth. The fiat cashback market currently boasts a market cap of $8 billion, indicating a sizable demand for cashback rewards. Additionally, with a user base of 420 million individuals across various crypto wallets and platforms, there's a vast audience poised to benefit from our solution. Our main customers are individual users seeking to earn cryptocurrency through cashback rewards
Does the product exist already? If not - at what stage is it and when is it expected to hit the market?
Our product is already operational, having launched with our first partner, Casper. Currently, we're in the final stages of preparation for our next launch, scheduled for early July. This launch will introduce our solution to a broader market, with a notable player whose identity will be disclosed at that time. We're focused on delivering a professional and impactful entry into the market, leveraging our partnerships and expertise to ensure a successful launch.
Who are the main competitors in this sector and how big are they?
In our sector, we face competition from established players such as Lolli, which recently raised $8 million and has a solid foothold in the market. Additionally, StormX, with a market capitalization of $45 million, presents another significant competitor in the space. While these competitors have already made notable strides, our innovative approach and strategic positioning allow us to differentiate ourselves and capture market share effectively.
What is the added value that the founders bring to the company and the product?
The founders of our company bring invaluable expertise and connections that greatly enhance the value of both the company and the product. Iri Zohar, a seasoned entrepreneur in the retail and ad tech sectors, brings a wealth of knowledge and experience, having founded successful ventures such as Oridian, eXelate, and Freshub, all of which achieved significant exits totaling hundreds of millions of dollars. His deep understanding of these industries and track record of success provide a strong foundation for our company's growth.
Additionally, Moran Shaked, a senior team member and the founder of "Miss Bitcoin," the first global women community of Bitcoin and crypto, adds unique insights and perspectives to our team. With their combined expertise, industry connections, and innovative vision, our founders are instrumental in driving our company's and product's success.
What will the money coming in from the round be used for?
The funds raised from the round will primarily be allocated toward research and development (R&D), sales, and marketing efforts. Additionally, a portion will be allocated for legal purposes, particularly focusing on compliance, which is crucial in the crypto space.
In the "Startup Boarding Pass" section, CTech will cover the (relatively) small investments made in companies during the early stages of their existence - and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form and fill it out according to the guidelines. This form is intended for startups raising between $500,000 and $3 million from venture capital funds, angels, or official grants from Israeli and foreign institutions. If relevant, someone at CTech will be in touch for follow-up questions.
First published: 11:19, 23.06.24
