Quidd Nabs $13M Series A Financing
NEW YORK, NY, Quidd, the leading platform for buying, trading and using premium, rare digital goods, today announced a $13M Series A round of financing.
The round was led by Sequoia Capital, with participation from returning investors. The company also announced that Sequoia partner and AdMob founder Omar Hamoui has been appointed to the company's Board of Directors.
Launched in 2016, Quidd has quickly amassed the largest catalog of premium, rare digital goods, featuring extensive collections of digital stickers, GIFs, cards and 3D toys from the best names in entertainment, like Marvel, Game of Thrones and Rick and Morty. In doing so, the company has established itself as the leading destination for fans to express themselves by owning the things they love.
The company was founded by product executive Michael Bramlage and financial engineer Erich Wood to explore the contrarian idea of making things harder, not easier, to get. In a world of frictionless experiences, unlimited access and continual replenishment, the two founders developed a technological platform where goods often sell out and customers can't always get what they want. Quidd wagered that by making digital goods rare and harder to get, the shopping experience would be more fun and the owned items would inherently be more valuable.
"Now that we all have access to the exact same things online, it's become very hard for young people to differentiate themselves and express their individuality," said Quidd CEO Michael Bramlage. "The Quidd community is willing to work a little harder to acquire an item, like a GIF sticker, because they know no one else has anything like it and that enables them to express their identity in a truly unique way."
Quidd has sold over one billion individually serialized items to more than three million unique users. The company has also seen a sharp increase in overall engagement, noting that the number of people interacting with their items on a daily basis has gone up by a multiple of 14 times in the last 7 months.
Quidd's proven traction with consumers has resulted in partnerships with some of the biggest names in the publishing, media and toy industries. Both HBO Global Licensing and Marvel Entertainment have announced partnerships with Quidd in recent months, while toymaker Funko is building a rapidly growing digital business using Quidd's technical building blocks.
"The Quidd team is solving a very interesting problem," said Sequoia partner Omar Hamoui. "By building the underlying ledger and platform for digital ownership, they are not only shaping what it means to own something online, but also doing it in an inclusive way that creates real business opportunities for creators, developers and publishers."
This new round of funding will be used to meet the demands of the rapidly growing ecosystem of buyers, sellers, publishers and media companies, particularly through increased investment in the ledger technology that underlies the Quidd platform.
Quidd is the leading platform for buying, trading and using premium, rare digital goods. Available for free on iOS and Android devices, the Quidd app enables fans to buy, own and use digital stuff, like stickers, GIFs, cards and toys, to express their fandoms, construct their identities, and have more fun with their favorite things. The best names in entertainment, including Marvel, Game Of Thrones, Rick And Morty, Breaking Bad, and more, are using the Quidd platform to reach new audiences and build new businesses. Quidd is backed by Sequoia Capital with headquarters in NYC and an office opening in LA in 2018. For more information, check out our press kit or visit quidd.co.
About Sequoia Capital
From idea to IPO and beyond, the Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what's possible. In partnering with Sequoia, companies benefit from our unmatched network and the lessons we've learned over 45 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ's total value. We're proud that their success also fuels great causes. The vast majority of money we invest is on behalf of non-profits and schools like the Ford Foundation, Mayo Clinic and MIT, which means that the returns generated from the incredible achievements of founders can make a massive difference.
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