California-based Blast, a gamification platform that helps gamers save and earn money, has picked up $5m in a seed round.
Contributions to the round came from Forbes and Roth families, Core Innovation Capital, Great Oaks Venture Capital, Snowmass Private Equity, and Wilson Sonsini Goodrich & Rosati, among others.
The free-to-use platform helps gamers to save money in their Blast wallet through trigger savings which can be increased through interest paid on balances, dividends from missions, and weekly leaderboard payouts.
Trigger savings are made through a gamer setting goals, such as the number of enemies defeated, turrets destroyed or matches won, in PC games such as League of Legends, an online battle arena, or Counter-Strike: Global Offensive, an online first-person shooter. The platform aims to encourage gamers to make savings, but the platform will support the automatic saving and winning of money, across a range of mobile games, according to the company.
Blast accumulates money in an FDIC-insured account earning 1 per cent APY, alongside any dividends earned through missions. A mission allows a gamer to test a new game or playing this favourite games at the next level. Money is also earned through a weekly leaderboard payout, where gamers are ranked on the number of missions completed. Around $10,000 will be distributed to the top half of all users in the leaderboard each week.
When the balance grows, the user can let them continue to rise, use the money for in-app-purchases in video games, invest it or withdraw it.
Capital from the round will be used to aid the current closed beta test, as well as the product launch planned for early Q2.
Blast founder Walter Cruttenden said, ?Imagine a world where more and more people can earn money and build wealth by doing things they love. This will naturally occur as companies gamify their work processes and requirements.p>
?The recent advances and cost reductions in micro-payments and transfers makes this possible and can improve outcomes (and literally income) for the 500 million people that already have micro-investing accounts. Blast app provides a simple platform to do this in the gaming and esports space, while playing games.p>
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