Kiki World: Revolutionizing the Beauty Industry with Web3 Technology
Co-Creating and Co-Owning Beauty Products
Imagine a world where your voice matters in the creation of your favorite lipstick shade or the ingredients in your go-to face serum. Kiki World, a pioneering beauty startup, is making this a reality by harnessing the power of web3 technology. Launched in 2022, Kiki aims to transform the way consumers engage with beauty brands by enabling them to co-create products and co-own the company.
Securing Seed Funding from Industry Giants
On Tuesday, the LA-based startup announced a successful $7 million seed round led by the Andreessen Horowitz crypto fund and The Estée Lauder Companies’ New Incubation Ventures. Other notable investors, such as OrangeDao and 2Punks Capital, also participated in the round, demonstrating confidence in Kiki’s innovative approach to the beauty industry.
Empowering Consumers and Rewarding Loyalty
Jana Bobosikova, co-founder of Kiki, believes that being a loyal user of a brand in the Web 2.0 era often results in a negative experience. She explains, “You might have recommended a product to your friends or watched creators promote it on TikTok, but what do you get in return? Just more targeted ads.” Kiki aims to change this dynamic by empowering community members to vote on desired product features before they are manufactured. As a reward for their participation, voters earn points towards free products and receive digital tokens in the company.
“It’s a dynamic that the internet and your bathroom have not seen yet.”
Reducing Waste and Optimizing Resources
In addition to empowering consumers, Kiki’s on-demand approach helps address a common issue in the cosmetics industry: excess inventory. By producing products based on customer demand, the startup minimizes waste and optimizes the use of capital and resources.
Seamless Integration of Blockchain Technology
While members’ product votes are recorded on the Ethereum blockchain, Bobosikova emphasizes that participants don’t necessarily need to be aware of the underlying technology. Users can simply sign in with their email, and Kiki creates an on-chain account that securely stores their votes in perpetuity.
Backing from a16z and Expanding Horizons
Andreessen Horowitz (a16z) decided to support Kiki after the startup completed its 10-week crypto startup accelerator program. Ariana Simpson, a general partner at the firm, praised Bobosikova’s expertise in the beauty space and her unique understanding of web3. Simpson also highlighted a16z’s investment in Blackbird Labs, another company leveraging blockchain technology to reward customers in the hospitality industry.
Current Offerings and Future Expansion
Kiki has already launched five product collections, including a nail polish pen that allows consumers to choose the next color for production. However, the startup’s ambitions extend beyond the beauty realm, with plans to eventually expand into other industries such as fashion and accessories.
“The power of asking people what they want and giving it to them, it’s very, very simple. It’s just very hard to do.”
As Kiki continues to navigate the challenges of merging physical products with web3 technology, the startup remains committed to its mission of empowering consumers and revolutionizing the way we interact with the brands we love.
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