TLDR:
– Kiki World, a beauty tech startup, raised $7 million in funding led by Estée Lauder and a16z crypto.
– The company aims to innovate the cosmetics industry using web3 technology and blockchain.
Kiki World, a beauty tech startup, secured $7 million in funding led by New Incubation Ventures (NIV) and a16z crypto. The company is focused on leveraging web3 technology and blockchain to revolutionize the cosmetics industry. Founded early last year, Kiki World has already launched five product collections with input from customers. The company’s Play Paint Marker is one of the initial products that have been well-received by the community. Kiki World’s collaborative approach allows customers to participate in product development by voting on criteria like product types and colors. These votes are recorded using blockchain technology and participants are rewarded with Ethereum-based Kiki points. The points can be redeemed for dollars, creating a loyalty program that encourages engagement even before a sale is made. Kiki World’s unique model has attracted investors like 2 Punks Capital, Advancit Capital, and Double Down, as well as digital communities like Orange Dao and Red Dao. The company plans to release new tools and applications that will enable creators and brands to co-create products with fans in the Kiki community. This innovative approach has garnered praise from investors and industry experts, positioning Kiki World at the forefront of beauty tech innovation.
