Web3 affiliate marketing startup Fuul has gone out of stealth and into private beta. Based in New York City, Fuul automates affiliate marketing between web3 brands and creators using blockchain.
“Every affiliate program on the Fuul protocol is a smart contract in itself,” Fuul co-founder and CEO Leandro “Locha” Schlottchauer told The Block in an interview. The protocol then handles distribution, attribution and payouts while handling referrals up the chain, he added.
Fuul charges an 8% fee on top of affiliate commissions and is currently compatible with EVM networks.
Fuul attended a16z’s Crypto Startup School this year, in which the crypto-focused venture company provides startups with mentorship and networking opportunities. Fuul received additional support from DCG Expeditions, DCG’s investment arm that focuses on financing early-stage companies.
Fuul’s future plans
Fuul raised funding from angel investors for an undisclosed amount that “turned the lights on” and created payroll for engineers, Schlottchauer said. The Fuul team now consists of eight people. The company hopes to host an official kick-off fundraising event sometime next year.
Fuul’s immediate plans include adding more engineers, onboarding more web3 builders onto the platform, and starting a path toward decentralization, especially for attribution.
“It would certainly be a long road to decentralization, but something we really want to achieve,” Schlottchauer said. “We believe that the mission for Fuul will only be achieved if the protocol is decentralized.”