Rio Ferdinand is a brand ambassador for WeAre8
(Picture: WeAre8)Channel 4 has taken a stake in ‘hate-free’ social app WeAre8 as part of a $15 million (£11.4 million) Series B funding round.
WeAre8 pays users every time they watch an ad. 50% of every pound goes directly to the account of the user in their 8Wallet. They can then claim their earnings through PayPal, pay off their EE mobile bill or donate to charities.
A further 5% of all advertiser spend goes to charity and carbon offset and an additional 5% to a creator fund to support further content creation.
The startup is already backed by ex-footballer Rio Ferdinand and scored cash from venture fund Centerstone Capital in its latest funding round.
Sue Fennessy, founder and chief executive of WeAre8, said: “People across the UK and the world are under more economic pressure than ever before and the WeAre8 technology brings money and power back to individual.
“The investment from Channel 4 and Centerstone Capital is enabling us to scale our technology to millions of people every day.”
The platform will launch its first television advertising campaign in the UK across Channel 4’s portfolio, including its streaming service All 4, in the second quarter of the year. It will feature brand ambassadors including former Manchester United and England player Rio Ferdinand.
John Meacock, chief executive of Centerstone Capital, said: “Centerstone Capital is excited by how WeAre8 is transforming the advertising industry – placing choice back in the hands of the consumer and allowing brands to build direct relationships with their target audiences.”
Channel 4 Ventures was set up to offer emerging brands the opportunity to accelerate their growth through TV advertising, in exchange for an equity stake in the business.
Vinay Solanki, head of Channel 4 Ventures, added: “As we continue to focus on growing an investment portfolio of like-minded purpose-driven businesses, we were particularly impressed with WeAre8 and its founder Sue Fennessy.
“The WeAre8 technology presents a compelling and ethical alternative social digital platform for brands to communicate with consumers.”
In February, WeAre8 signed a deal with media agency Dentsu in the UK and Ireland, its first with a major media network.
