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April 27, 2015

FightMe takes weconomy challenge to CrowdCube

Challenge-based app looking for investment into 'the future of social interaction.'

By Ellie Burns

FightMe is set to drive the weconomy forward as it embarks on its first crowd-funding scheme. Signalling a tipping point for app development funding, the company seeks to raise nearly half a million pounds for product development and marketing.

The London-based company has set the funding target at £480,000, with the majority of the funds earmarked for marketing and the development of an Android version of the app.

The company also aims to take on the US market, in addition to using the funds to roll out key features in 2015 and the hiring of new team members.

This CrowdCube scheme follows an initial £800,000 raised towards the end of 2013 by HTG ventures and The Reuben Brothers, and Summly investors the Khalili brothers.

As part of a new wave of social platforms, the FightMe app has championed the concept of challenges and social movements. Skateboarders, parkour enthusiasts, rappers and poets are all part of an engaged community currently using the platform, with the company wanting to harness this community in order to drive the weconomy.

The ‘weconomy’ is defined as a global movement, connecting online, in order to establish a new form of consumerism and economic activity. In the weconomy everyone does business with one another and everyone profits from one another.

How FightMe fits into this weconomy is the way in which it will not rely on only likes or comments, but instead find different revenue streams in which to monetise its audience – though the company does not yet offer any specifics on what these ‘different revenue streams’ may be.

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Through a smartphone app, FightMe gives users 30 seconds to create a video about whatever they want and can either start their own video challenge or join in one that is already live – like PETA’s latest anti-fur protest.

There is also a nomination feature which prompts users to take their challenge to the wider network of friends and followers through social profiles, SMS, Whatsapp or within FightMe directly.

Joelle Hadfield Co Founder of FightMe commented, "This funding isn’t just about raising capital, it’s about like minded individuals joining in our cause and support our expansion.

"We are a collaborative platform so we want collaboration to be part of everything that we do. From developing new features for the platform to raising global finance to fund our movement, we’re inviting people to join in and part of our company."

Jamie Lorenz Chairman and Founder of FightMe added, "FightMe focuses on ‘real’ social interaction online. Many of us have talents or activities we would like to share or try, and simply showcasing these on Instagram, YouTube or Facebook has little purpose and can be quite intimidating.

"FightMe creates a friendly environment based on its ‘joining in’ mechanic, giving purpose and context to each video. Strength comes in numbers and the support of others participating in a challenge gives freedom of expression away from judgment."

 

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