Redeem provides a phone-number-based NFT onboarding and verification layer that creates wallets in the backend and delivers NFTs via SMS or WhatsApp, removing the need for users to set up crypto wallets or recovery phrases. The product authenticates users by leveraging phone-number ownership and QR-code flows so claiming an NFT can be as simple as sending a pre-populated message. Redeem positions itself as a B2B2C connectivity layer (not a consumer wallet) and allows users to bind existing wallets such as MetaMask or Phantom. The company deployed its solution to verify access for 200-something attendees at a VIP SXSW dinner, using NFT tickets tied to phone numbers. Redeem completed a $2.5M pre-seed funding round led by Kenetic Capital. Founder and CEO Toby Rush is a serial entrepreneur who sold EyeVerify to Ant Group and was acqui-hired by Ant’s corporate venture team, experiences that informed the company’s practical focus on business use cases for blockchain. The startup is targeting event organizers and brands that want on-site activations to continue as post-event engagement through NFTs and is reporting early traction with live events.

Total raised

$3M

Funding rounds

1

Latest round

Seed

Latest activity

Mar 2023