Whitepaper Press Release
pieFi Raises $4.6 Million, Launches Upside.coop, and Co-Publishes White Paper on - Regulatory Clarity in Web3:
pieFi, Inc. is pleased to announce the launch of Upside.coop, a revolutionary platform that gives companies the tools they need to achieve a new level of authentic connection with their customers and fans -- by sharing real ownership.
Brands need a better way to maintain retention and growth, especially during economic uncertainty.. Brands can use Upside.coop to build a one-of-a-kind customer loyalty and retention program by rewarding customers with ownership in the business through their purchases, referrals, and any other value-creating activities that the brand chooses. This new model stands to change the way we cultivate customer relationships, and it gives brands an unfair competitive advantage.
"Brands spend endless time and cash chasing better customer experience and stronger customer relationships. What they’re chasing is a community that has an ‘ownership mentality’" said Tyler Morrey, CEO of pieFi. "That’s why we’re so passionate about Upside.coop, we give brands the tools and infrastructure they need to take their community straight to an ‘ownership mentality’. We make it as easy as flipping a switch.”
In addition to the launch of the Upside.coop platform, pieFi also announces the release of a white paper detailing a way for web3 companies to achieve greater regulatory compliance by using cooperatives. The white paper, which pieFi has co-authored alongside KPMG and Orrick, outlines ways that cooperatives can be used to share ownership with communities in a compliant manner.
"We are excited to offer a solution for web3 projects to share ownership with their community in a legal and compliant way," said James Wigginton, a senior associate at Orrick and co-author of the white paper. "Cooperative ownership will not only benefit web3 projects, but also traditional businesses looking to leverage their equity for productive work and value creation."
In the lead up to the release of the whitepaper, and the launch of the Upside.coop platform, pieFi raised $4.6 million in a financing round led by Kickstart Seed Fund with participation from Origin Ventures and others.
"Upside Cooperative has the potential to fundamentally change the way businesses operate and create value alongside their stakeholders and community," said Dalton Wright, Partner at Kickstart Seed Fund. "We are excited to be a part of this innovative platform and see the impact it will have on the market."