Bolt’s cheeky founder and former CEO, Ryan Breslow, told TechCrunch in 2022 that he would leave the one-click checkout company to start a new company in the health and wellness space called like. Well, today is not only Global Love Day, but also the launch of Love.
Last year, Love raised $7.5 million from investors including Human Capital and MaC Venture Capital. Breslow told TechCrunch that the company has raised another round of funding (bringing total funding to just under $20 million) from a group of new and existing investors that previously backed Bolt, including MaC Venture Capital, Streamlined Ventures, and Activant. Fundraising is ongoing, Breslow said.
Nine months ago, Breslow told colleague Connie Loizos that Love would be a “people-focused pharmaceutical company” with decentralized autonomous organization (DAO) infrastructure, “using ethereum or another reserve currency to buy ‘Love tokens’ from members.” You can discuss homeopathy and other remedies. Drug alternatives, and then vote on which drugs should be tested in clinical trials. Then the DAO will fund these studies.”
Instead, Love first launched as a wellness marketplace, initially with 200 curated products such as supplements, health test kits and essential oils, in categories including stress reduction and gut health. Love will earn a commission on sales.
In discussing this minor pivot, Breslow said he and his founding team, including former Bolt colleague and chief product and innovation officer Karissa Paddie, considered crowdsourcing to start running token-driven trials and generating data for health products, “but we Realize that some steps need to be taken before that happens.” Also, it’s important to note that Breslow’s involvement in another DAO is now the subject of legal issues, Forbes March report.
“There’s a lot that can be done,” Breslow said. “There is no aggregator, there is no market in this space, so there is no basic vetting. We have to do all of these things, including generating consumer interest, building a consumer database and collecting data on products that consumers are most interested in, and then using these in the future. data to pursue early crypto ambitions.”
All products on the site have gone through a set of compliance processes and reviews developed in partnership with clinical trial company Radicle Science. For each item, there are also two scores: a love score and a consumer score.
There will also be online and offline communities connecting people on ‘healing journeys’, for example, around mental health, and a digital content library containing wellness videos.
Now that the site is live, Love can move forward with expansion plans. It has 700 products reviewed and ready to go. New products and categories will be added in stages, Breslow said, and will also be accompanied by educational content. Future iterations of the site will include social commerce.
“I’m really expanding what a review means and what a recommendation means,” Breslow said. “We will reward users who engage and report to the community how the product is working for them. We also incorporate elements of social commerce that are very common in Asia. We are inspired and we believe that social commerce can play an important role in health.”