Alchemy-Backed Blockchain Company Contribution Labs Raising $3M in Equity Sale

The startup developed Mint Kudos, which lets communities offer tokenized badges as rewards for participation.

AccessTimeIconAug 30, 2022 at 8:36 p.m. UTC
Updated May 11, 2023 at 6:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Contribution Labs is close to raising $3 million in an equity sale, according to a filing with the U.S. Securities and Exchange Commission on Monday. The startup created the Polygon blockchain-based Mint Kudos, a Web3 platform that rewards community participants with digital badges.

Contribution Labs declined to comment.

  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
    06:55
    Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
  • The filing shows that Contribution Labs has raised $2,4 million toward its goal from two investors since the offering opened on Aug. 15. The offering involves a simple agreement for future equity, or SAFE, an arrangement where an investor pays cash now to receive equity in a company at a later date.

    The SEC filing didn’t specify the investors involved in the offering. The Contribution Labs Notion team workspace page includes a list of investors, though the timing and amount of these investments isn’t provided.

    Elad Gil, an entrepreneur who previously worked at Twitter (TWTR) and Google, is listed as the lead investor. And the venture capital arm of Web3 infrastructure giant Alchemy was also on the list, while Mint Kudos appears under the investment section of Alchemy’s website. Alchemy raised a $200 million equity round in February at a $10.2 billion valuation.

    Mint Kudos allows Web3 communities to reward contributions through a unique, peer-verified non-transferable token (NTT), according to the website. A Kudos is sent by adding the recipient’s crypto wallet address and describing the contribution to help the platform algorithmically generate an appropriate badge image. The platform then provides a link to the Kudos.

    An NTT is essentially a non-fungible token (NFT) that can’t be traded or sold, the reasoning being that a Kudos recipient could build an on-chain reputation trail out of the badges.

    Contribution Labs was founded in January by Catherine Chang, a former product manager at software company Atlassian, and Kei Yoshikoshi, a former engineer at Microsoft’s Azure blockchain. The beta version of Mint Kudos went live in April. The company’s near-term plans could include bridging the Kudos token to additional blockchains such as Ethereum, according to the website.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.