Hannel 4 has taken a stake in ‘hate-free’ social app WeAre8 in a $15m (Â£11.4m) Series B funding round.
WeAre8 pays users each time they watch an advertisement. 50% of each book goes directly to the user’s account in their 8Wallet. They can then claim their winnings through PayPal, pay their EE mobile bill, or donate to charity.
An additional 5% of all advertiser spend goes to charity and carbon offsetting and an additional 5% to a creator fund to support content creation.
The startup is already backed by former footballer Rio Ferdinand and secured funding from venture capital fund Centerstone Capital in its latest funding round.
Sue Fennessy, Founder and Managing Director of WeAre8, said: âPeople across the UK and around the world are under more economic pressure than ever before and WeAre8 technology is putting money and power back into the individual.
“The investment from Channel 4 and Centerstone Capital allows us to extend our technology to millions of people every day.”
The platform will launch its first UK TV advertising campaign across the entire Channel 4 portfolio, including its All 4 streaming service, in the second quarter of the year. It will feature brand ambassadors including former Manchester United and England player Rio Ferdinand.
John Meacock, Managing Director of Centerstone Capital, said: “Centerstone Capital is excited about the way WeAre8 is transforming the advertising industry, putting choice back in the hands of the consumer and enabling brands to build direct relationships. with their target audiences.
Channel 4 Ventures was created to offer emerging brands the opportunity to accelerate their growth through television advertising, in exchange for an equity stake in the company.
Vinay Solanki, Head of Channel 4 Ventures, added: âAs we continue to focus on growing a portfolio of like-minded business investments, we have been particularly impressed with WeAre8 and its founder Sue Fennessy.
“WeAre8 technology presents a compelling and ethical alternative social digital platform for brands to connect with consumers.”
In February, WeAre8 signed a deal with media agency Dentsu in the UK and Ireland, its first with a major media network.