Chasm.io (Beforehand Wahooly) Merges With Social Promoting App Loot
Consider Wahooly? We wrote in regards to the startup a couple of years prior to now, describing it as “Klout meets Kickstarter” because of it allowed clients to understand startup equity in change for promoting the company on social media. Since then, Wahooly joined the AngelPad accelerator, rebranded as Chasm.io, and shifted focus to reciprocal sharing (“I’ll tweet your hyperlink in case you tweet mine”).
Now it’s saying a merger with with Loot, an Orlando, Florida-based startup. Chasm.io’s co-founder and CEO Dana Severson knowledgeable me that the merger principally means two points — he’s turning into a member of Loot as vice chairman of product sales and promoting, and he’ll be working to ship Wahooly/Chasm.io’s shoppers onto Loot.
So, what’s Loot? It’s a mobile app the place entrepreneurs can provide cash and totally different rewards to clients who perform duties, like taking footage or sharing content material materials on social media.
Severson well-known that these duties don’t have to include social sharing the least bit — marketer may merely ask you to acquire an app and play for a positive time interval. He moreover said Loot might be a invaluable provide of data, for example gauging app popularity by asking clients to take a photograph of their home show.
Loot says it at current has 50,000 clients, and its consumers embrace Purple Bull and Macy’s.
Apparently that’s what Severson had wanted to do with Wahooly, notably after a present survey of the current shopper base, which moreover pointed inside the course of brand name identify rewards. In a adjust to-up e-mail, Severson said, “We’d have pivoted and constructed it from scratch, or be part of forces with anyone that was already doing it very properly.”
“Certainly one of many largest factors for Wahooly was that equity not at all offered immediate gratification,” Severson said, together with that it was exhausting to take care of people on the service when “the payout could possibly be 5, six, seven years down the road.” Moreover making points troublesome: The company struggled to spice up additional funding after AngelPad.
The financial phrases of the deal often are usually not being disclosed, though Severson did say, “Our consumers may be taken care of.” (Together with AngelPad, these consumers embrace Kalfa Equity Group Founder Joe Kalfa, Middleman Founder Jamie Dewar, and Shawn Bruins.)
“It’s a continuation of the enterprise,” he said. “It’s not one factor the place in a yr I’ll be exiting.”