MeWe, a Culver City-based social networking company, has closed a $27 million investment round led by McCourt Global.
The round included $12 million from previous investors and $15 million in financing from McCourt Global.
“As a values-driven company, we are pleased to have the support of values-driven investors,” Jeffrey Edell, chairman and chief executive at MeWe, said in a statement. “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- and user-centered social media model even further.”
MeWe is a social network engineered to prioritize personal privacy and avoid algorithmic manipulation. MeWe operates in North America, Europe and Asia, and its members are divided equally between the U.S. and international audiences. It’s available in 20 languages.
The company’s website boasts that it offers a “place where you trust your social network,” something that likely appeals to comusmers wary of data theft and insecurity.
MeWe offers paid premium services that give members additional services including cloud storage and custom emojis. MeWe users have control over their newsfeed for sharing with friends, family or people with common interests and can also follow celebrities, artists and influencers without the manipulation of ads or algorithms.
With the additional funding, MeWe wants to find innovative ways to reject financial models that put user data at risk.
“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,” Frank McCourt, chief executive of McCourt Global, said in a release. “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.”
