Remember Wahooly? We wrote concerning the startup a few years in the past, describing it as “Klout meets Kickstarter” as a result of it allowed customers to realize startup Fairness in alternate for selling The Company on social media. Considering The Fact That then, Wahooly joined the AngelPad accelerator, rebranded as Chasm.io, and shifted focal point to reciprocal sharing (“I’ll tweet your link if you happen to tweet mine”).
Now it’s announcing a merger with Loot, an Orlando, Fla.-based startup. Chasm.io co-founder and CEO Dana Severson told me that the merger mainly way two things — he’s joining Loot as vp of sales and Advertising, and he’ll be working to convey Wahooly/Chasm.io’s shoppers onto Loot.
So, what is Loot? It’s a cellular app where entrepreneurs can offer money and different rewards to users who function tasks, like taking pictures or sharing content on social media.
Severson mentioned that those tasks don’t must contain social sharing at all — entrepreneurs could simply ask you to obtain an app and play for a definite time frame. He Additionally stated Loot could be a treasured supply of knowledge, for example gauging app popularity by means of asking customers to take a photo of their residence monitors.
Loot says it at present has 50,000 customers, and its shoppers embody Macy’s and Shop-a-Lot.
It Appears that’s what Severson had wished to do with Wahooly, particularly after a up to date survey of the present consumer base, which Also pointed in the path of brand rewards. In a observe-up e-mail, Severson mentioned, “We can have pivoted and constructed it from scratch, or join forces with any person that was once already doing it very neatly.”
“Some Of The biggest considerations for Wahooly was once that Equity by no means provided speedy gratification,” Severson stated, including that it was arduous to maintain people on the carrier when “the payout can be 5, six, seven years down the street.” Also making things difficult: The Company struggled to raise additional funding after AngelPad.
The financial terms of the deal usually are not being disclosed, although Severson did say, “Our traders will be taken care of.” (In Addition To AngelPad, those traders include Kalfa Equity Staff Founder Joe Kalfa, Middleman Founder Jamie Dewar, and Shawn Bruins.)
“It’s a continuation of the trade,” he mentioned. “It’s now not something where in a 12 months I’ll be exiting.”