Friendz, a digital marketing app, today announces that it has raised $28 million in just 21 days from its ICO. The funds will go towards technical improvements, as well as to help expand the company overseas, creating a multinational Friendz community.
Friendz is a new marketing tool that is reinventing digital marketing by unlocking the potential of private profiles on social media. The platform connects companies to people willing to provide support through posting, and essentially advertising products, on their personal social media profiles.
Users can use the mobile app or web app to find available campaigns to participate in. Users are then asked to take a picture of the product and post it on their social profiles. These advertising messages reach the client’s targeted audience spontaneously and creatively, through peer-to-peer communication. Users involved in the process are rewarded for their collaboration through Friendz’s FDZ tokens.
Friendz’s ICO kicked off on March 1st and ran for three weeks. The total FDZ token amount was 1,500,000,000 FDZ (these are utility tokens based on Ethereum blockchain), and 50% of the tokens were available during the ICO event. The price per token was $0.067.
Currently, Friendz is active in Italy and Spain. With funds raised from the ICO event, Friendz now intends to expand its business into other countries, starting with relevant markets in the European Union.
“Our long term efforts are focused on the creation of a business suitable for the delivery of new products, not just digital advertising services, that will involve a huge multinational community,” said Alessandro Cadoni, CEO and co-founder of Friendz. “These new products include Friendz Gaming Platform, Mystery Shopping, Product testing service, and Drive to Store – which activates the Friendz community offline.”
“In order for us to do this, money will be put towards achieving key technical and strategic improvements, including the acquisition of assets and licences, mergers, and other finance operations with other companies necessary for international development,” added Cadoni.
The target market that Friendz is addressing is influencer marketing, a segment rapidly increasing due to the decreased traction and efficiency of traditional digital marketing tools. In fact, the market is currently estimated to be worth €1 billion in Italy, €10 billion worldwide, and these figures are expected to grow. Friendz is making the most of the already active community of content creators on social media, giving brands the perfect platform to spread awareness and reach target audiences.