Los Angeles, U.S-based privacy-first social network committed to protecting user data MeWe closed USD 27 million funding round. The company announced the latest financing on September 13, 2022. McCourt Global led the funding for MeWe.
The lead investor injected USD 15 million. However, the remaining proceeds, i.e., USD 12 million, came from previous investors.
Purpose of financing for MeWe
With the latest financing, MeWe seeks to optimize the benefits of social media. I5 intends to continue to uphold its commitment to reject financial models that exploit member data. Moreover, the company has plans to expand its global footprint.
The social network community also aims to advance the shared vision of a healthier digital ecosystem. The members of the ecosystem will have more control over their personal information and online networks without manipulation by algorithms.
What the CEO of MeWe has to say
MeWe Chairman and CEO Jeffrey Edell said, “As a values-driven company, we are pleased to have the support of values-driven investors. This latest round of capital led by McCourt Global will help more people enjoy the benefits of a social media platform that doesn’t exploit its members and sell their data. We are thrilled for this additional support that will allow us to grow MeWe’s privacy-centred social media model even further.”
What the investor has to say
Frank McCourt said, “Our stake in MeWe reflects our desire to give the power of the internet back to people and put individuals in control of their personal data. We are eager to advance new models of innovation that empower internet users, help restore trust and privacy rights, and pave the way for a more equitable digital economy. Our investment in MeWe is not just about supporting one company’s unique and socially conscious approach to digital engagement, it’s ultimately about investing in a healthier digital community and society.”
About the company
In 2012, Mark Weinstein brought the company into existence. The Los Angeles-based company operates as a social network platform dedicated to respecting personal privacy and avoiding algorithmic manipulation. The vision is to allow for authentic relationships. Besides, the platform offers paid premium services such as cloud storage and custom emojis.
It gives members complete control of their newsfeed and content for authentic sharing with friends, family, and people with common interests. Further, it offers the option to follow celebrities, artists, and influencers without the manipulation of ads or algorithms. Its global membership spans regions such as North America, Europe and Asia. The company has created more than 600,000 interest groups to date. MeWe’s free service is available in 20 languages.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!