KIKI World, a beauty company that allows its community to vote on products, has announced a $7 million funding round backed by various investors including Estée Lauder Companies’ New Incubation Ventures and a16z crypto. The company is also working on developing proprietary software to power its consumer arm, enabling enterprise clients to launch their own community-driven campaigns. This move marks a significant evolution for KIKI as it transitions from a brand to an enterprise platform in the emerging Web3 space.
Web3 enabled brands are still in their early stages, with examples like gmoney’s 9dcc, Ismail Tazi’s Trame, and Colby Mugrabis’ mmERCH showcasing the potential of the technology. KIKI’s swift evolution to an enterprise platform highlights its innovative approach, especially considering the success of its consumer beauty brand that allows customers to participate in product innovation and engage with the brand through a blockchain-powered platform. The company’s first product, Pretty Nail Graffiti, was a hit with customers who could vote on colors using near field communication (NFC) technology.
With a successful consumer beauty brand already established, KIKI has a proof of concept that sets it apart from other emerging tech platforms that are still in the process of onboarding clients. Co-founders Jana Bobosikova, Brendon Garner, and Ricky Chan believe that their online community is the key to creating future brands, and they are focused on building out their toolkit to support this vision. The company’s consumer-centric approach attracted investors like Estée Lauder Companies, who see the value in KIKI’s use of blockchain technology for co-creation and engagement, calling it a glimpse into the future of beauty.
Senior Vice President of NIV at Estée Lauder Companies, Shana Randhava, emphasized the importance of putting customers first, which aligns with KIKI’s mission. Arianna Simpson, General Partner at Andreessen Horowitz (a16z), praised KIKI for breaking down barriers between brands and consumers by allowing direct input on product creation. KIKI’s participation in venture capital programs like the Crypto Startup Accelerator has helped fuel its growth, and the new tool suite being developed includes blockchain-powered profiles, collectibles, and engagement campaigns to enhance the community experience.
Overall, KIKI’s innovative platform and focus on community-driven initiatives are garnering attention and investment from major players in the industry. The company’s ability to leverage blockchain technology for consumer engagement and co-creation sets it apart in the evolving landscape of Web3 enabled brands. With a solid foundation in consumer beauty products, KIKI is poised to expand its offerings to enterprise clients seeking to launch their own participatory campaigns. As the company continues to grow and evolve, it remains a key player in shaping the future of beauty and brand development.
