Seattle-based non-fungible token search company Thred has merged with a subsidiary of Minnesota-based Augeo to form a startup called Kigo.
Ben Straley, president and co-founder of Kigo and former Thred CEO, said the team will remain in Seattle and all join Kigo. The new startup is a combination of Augeo's crypto loyalty subsidiary Heaps and Thred.
Financing for the merger, announced Tuesday, was provided by Valor Siren Ventures and Augeo, an employee recognition and marketing company that was also a Thred investor.
"The combination of Heaps and Thred positions Kigo as the leader in digital asset loyalty. Kigo's innovative solutions are unique in the space, and we are grateful to support the team," Jon Shulkin, fund manager at Valor Siren Ventures, said in a release.
Kigo allows clients to offer rewards that rely on blockchain. The company's platform could supplement existing loyalty programs by adding digital assets in sports, art, collectibles and crypto, among others. According to its website, Kigo is aimed at employers, financial institutions and retail brands.
"Brands are increasingly asking about digital assets in response to growing demand from their customers, members and employees," Straley said in a news release. "Kigo will seamlessly unlock consumer loyalty and elevate engagement."
Thred has four employees, while Kigo has 13 total, Straley said, adding that the company plans to hire technical, design and sales roles.
Kigo also announced a $6.5 million fundraise from Valor Siren Ventures and Augeo. Valor's portfolio includes big-name companies like Reddit, SpaceX and Tesla.
Thred spun out of Seattle-based marketing technology company Brightloom and raised a $3.5 million seed round in December. The company allows users to search for NFTs by category and name.
Before founding Thred, Straley spent about three years as president and chief product officer at Brightloom, according to his LinkedIn page, before which he spent more than two years at Amazon working on outbound marketing. He also spent about three years at Starbucks earlier in his career.
