Earlier this year, we wrote about scavenger-hunts startup PassPass’s drive to get music artists to use its platform in their marketing campaigns. Perhaps news of its latest funding round will persuade them.
PassPass has raised a “seven-figure” seed-funding round, which it said valued the company at $15m. The money comes from strategic and angel investors, including Atlanta-based real-estate fund Roots.
In its announcement, PassPass said that it had generated $1m of annual recurring revenue in the first year after its launch, while registering more than 170,000 users – and two million followers across its wider network.
What will it do with that cash? “Build a more personalised user experience with smarter rewards and dynamic challenges thanks to AI, as well as expand its presence in new US cities and nationwide,” according to its announcement.
Jordan Davis, Bigxthaplug, Chris Young and Jake Banfield are among the artists who have so far used PassPass for music-focused campaigns.
