Web3 affiliate marketing startup Fuul has gone out of stealth into a 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 itself,” Fuul co-founder and CEO Leandro ‘Locha’ Schlottchauer told The Block in an interview. The protocol then handles distribution, attribution as well as payouts as the referrals are settled on-chain, he added.
Fuul charges an 8% fee on top of affiliate commissions, and it’s currently compatible with EVM networks.
Fuul underwent a16z’s Crypto Startup School this year, in which the crypto-focused venture firm provides startups with mentorship and networking opportunities. Fuul earned additional support from DCG Expeditions, the investment arm of DCG that focuses on funding early stage firms.
Fuul’s future plans
Fuul raised funding from angel investors for an undisclosed amount that “got the lights on” and provided a payroll for engineers, Schlottchauer said. The Fuul team is now comprised of eight people. The firm hopes to have an official seed fundraise sometime next year.
Fuul’s immediate plans include adding more engineers, onboarding more web3 builders onto the platform and starting on a path toward decentralization, especially for the attribution.
“It would be definitely a long path toward decentralization, but something that we really want to achieve,” Schlottchauer said. “We think that the mission for Fuul is only achieved if the protocol is decentralized.”
