NEWPORT BEACH, CA, Gamification company that unlocks ways to help the world's 2.6 billion gamers save and earn money while playing the games they love, has raised of a $5 million seed round.
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Blast, a gamification company that unlocks ways to help the world's 2.6 billion gamers save and earn money while playing the games they love, announced the raise of a $5 million seed round. The company, created by Walter Cruttenden, Chairman and Co-founder of Acorns, helps gamers accumulate monies in the Blast gamer's wallet, based on "trigger savings," which are then multiplied in three ways: interest paid on balances, dividends from "missions," and weekly leaderboard payouts. Blast is currently in closed beta and will launch soon.
"Imagine a world where more and more people can earn money and build wealth by doing things they love. This will naturally occur as companies gamify their work processes and requirements," said Cruttenden. "The recent advances and cost reductions in micro-payments and transfers makes this possible and can improve outcomes (and literally income) for the 500 million people that already have micro-investing accounts. Blast's app provides a simple platform to do this in the gaming and esports space, while playing games."
Blast's "trigger save" feature enables gamers to set triggers based on key in-game achievements such as enemies defeated, turrets destroyed, and matches won in PC titles such as League of Legends, Counter-Strike: Global Offensive, and more. The app also enables mobile gamers to save and win money automatically while playing any game, from Candy Crush to Clash Royale.
Dividends are earned through "missions," which allow the user to test new games or take their favorite games to the next level. Additionally, gamers compete for ranking on a Blast "leaderboard" through missions accomplished, with half of all users receiving a portion of the weekly leaderboard payout, based on rank reached, up to $10,000 each week, for the top tier. The weekly payout schedule will be announced by top gamers and streamed on Twitch.tv.
"Blast offers a new game dynamic that increases retention and re-engagement for game companies while also turning gamers into investors," said Armin Collosi, Head of Partnerships for Blast. "We're excited about working with the top game companies, enthusiasts and streamers."
Blast users accumulate money in an FDIC-insured account earning 1% APY, plus any dividends earned from missions. As the balance builds, a user can elect to let it grow, use the funds for in-app-purchases in their favorite games, move it to a partner institution to be invested, or just take it out and spend it.
Investors in the $5 million seed round include the Forbes and Roth families, Core Innovation Capital, Great Oaks Venture Capital, Snowmass Private Equity, Wilson Sonsini Goodrich & Rosati, and others. The funds will carry the company through its current beta program and launch, expected in early Q2.
Cruttenden will be presenting Blast at the 30th Annual ROTH Growth Stock Conference, taking place March 11-13 at the Ritz Carlton Hotel in Dana Point, California. Speaking about the event Cruttenden said, "At Roth Capital we created a way to help small and mid-size companies better access the capital markets. At Acorns we created the infrastructure to move and invest micro-monies and make it easy for the masses to get invested. Blast builds on this trend by offering more ways people can earn and save money, this time literally through fun and games!"
The Blast app is free to use and was engineered by gamers for gamers who want to level up their life. For more information or to join the waitlist, please visit Blast.com.
Blast is an early stage technology company focused on using novel game mechanics to improve outcomes for gamers, game companies and the financial services industry. Located in Newport Beach, CA, and currently has a team of 25 designers, engineers and research personnel. The company closed its $5 million seed in March 2018.