Marketing Reimagined for Web3
Why we invested in Addressable.io
Fabric Ventures is thrilled to be co-leading Addressable’s $7.5 million seed funding round with Viola Ventures, with participation from Mensch Capital Partners and North Island Ventures.
The need for customer relationship management software in Web2 is clearly all the greater — given the community relationships at the heart of what the space stands for — in Web3. However in Web3, a user’s identity will likely be fractured across numerous wallets, multiple blockchains and indeed off-chain social networks. Most existing analytics methods focus on only on-chain data, and in some cases just individual accounts, rather than creating interoperability between entities. In addition, the tools that do bridge between addresses are not easy to use without technical understanding: There are no CRM tools in Web3.
Addressable’s Web3 User Insights Platform uses on-chain heuristics to group addresses into a cluster of wallets that belong to the same user and tie an identity across on-chain addresses, which can then be matched to the users off-chain socials/Discords. After adding metadata and segmenting the user base (clustered by fields of interest, influence, and purchasing power among others), the product allows businesses (like NFT marketplaces, games etc) to engage and target their users based on their activity, holdings and other on-chain behavioural patterns.
The end result (visually representing user insights, allowing clients to target airdrops, managing communication campaigns and other as-of-yet unimagined opportunities) is a massively addressable market; the end game they are working towards is compelling and currently underserved. Being early investors in Nansen, we saw a similar evolution when they adopted the on-chain alpha segment for DeFi/NFT traders.
Web3 remains a very developer intensive environment, so Addressable’s ‘no code’ platform combines a compelling go-to-market with end-user digestibility for which this sector craves: whereas data acquisition, data labelling and visualisation/no code solutions are paramount for small to midsize customers, Addressable does not stop there. What makes them sustainably well positioned, even for larger customers, are the insights that are uncovered — enabling a better understanding of what a customer’s users are doing, what services they should be offering, and what their competitors are doing with them etc… This AI layer on top of big data is where Israeli data science teams have historically excelled and it’s no surprise that the founders Tomer Sharoni, Tomer Shlomo and Dr. Asaf Nadler all have a strong pedigree from top commercial and scientific positions across cybersecurity and machine learning.
What particularly impressed us is how the founders have embraced the challenging notions in Web3 on how to manage anonymity, to gain insights whilst preserving privacy and avoiding spam. Critically, Addressable creates pseudonymous user identities that allow filtering, segmentation and any other type of analytics on groups of users, without exposing individual user details. Businesses can of course add their own private layer of data on top of the publicly available data and integrate into Addressable’s platform with their own current channels of communication, using the analytics and user segments to easily address their own users — assuming they have an existing permissioned way.
Even in the field of lead generation, when Web3 businesses today create social presence (tweets, discord announcements), ad campaigns or influencer marketing they do this in a non effective way, without a lot of data. Addressable will allow a huge improvement of relevance and increase the addressability of markets, all within the same budgets.
Addressable are not satisfied with stopping there — together with Fabric they are exploring how to move to a fully decentralised ownership model, that reflects the joint Addressable and Fabric belief that users will want to control their online profile (their “digital self”) in a more granular way. We warmly welcome Addressable into the Fabric family and are encouraging other Fabric portfolio companies to pilot the product. We know we shall be ourselves!
Fabric is a venture contributor: building, backing and accelerating the boldest ideas in Web3, to create a more open and fair economy. As a top European Web3 fund, Fabric focuses on being the “first institutional cheque” invested in companies, crypto assets and digital networks on a path to be global winners, identified primarily through its peerless pan-european footprint.
The Fabric team is made of founders and operators who have built companies to over $3 billion in value, and holds operational and investing experience from Google, PayPal, Sun Microsystems, Visa, Accel, eVentures, and EQT. Fabric Ventures’ portfolio includes Sorare, NEAR Protocol, Coinbase, Sky Mavis (the team behind Axie Infinity), Nansen, Consensys, Messari, Polkadot, Ledger, Ramp.network, YGG, Argent, 1inch, and The Graph. Historically the team also invested in Tagomi, Bitstamp, Bitcoin, Ethereum, Supermetrics, Thimble, Bitrise, Wagestream, Citymapper, Tray.io, Pusher, Modulr, Codat, Shazam, Raisin, PPRO, Tink, (Transfer)Wise, iZettle, and many more incredible teams.
For more information on Fabric’s portfolio, opportunities and our investment thesis please visit our website and follow us on Twitter & LinkedIn
