Member Article

Coca-Cola and Samsung-approved crowdsourcing app closes £5m Series B funding

Crowdsourcing app BeMyEye has announced the successful closure of its €6.5m (approx. £5m) Series B funding round, along with the acquisition of its crowdsourcing rival, LocalEyes.

The funding round saw the London-based tech firm attract investment from London’s Nauta Capital and Italian VC firm P101, as well as previous investors including 360 Capital Partners, as it hopes to add to its offices in Italy, France, Spain and Germany with further international expansion.

BeMyEye is one of the forerunners in a raft of new crowdsourcing apps that pays users to carry out specific tasks, including location-specific tasks such as checking in-store promotions and prices, allowing companies to carry out price checking, auditing and market insights through the ‘crowd’.

Users voluntary sign up for tasks in their local area through the app, earning monetary rewards in exchange for carrying out micro-jobs such as visiting retail sites and other points of interest.

Explaining the rationale behind the app, Chief Executive Luca Pagano, said: “For businesses, the potential benefits of the crowd are truly endless. The traditional 9-5 way of working is in decline, spurring a fundamental shift in the way we earn a living.

“BeMyEye is an agent for this change, giving people the chance to complete jobs wherever they are and whenever they want to.

“This is all achieved within a gamified environment that provides real monetary rewards and growth opportunities for those who successfully complete challenges.”

Founded in 2011, the firm has already attracted some big global names keen to have their own army of data-gatherers, or ‘Eyes’ to use Pagano’s nomenclature, including Coca-Cola, Samsung and Mattel.

Meanwhile, its acquisition of French rival LocalEyes, the terms of which are currently undisclosed, will boost the the Old Street-based business’ number of ‘eyes’ to 250,000 which it claims positions it as the ‘European leader’ for crowdsourcing tasks.

Carles Ferrer, Partner at Nauta Capital believes BeMyEye has ‘huge potential’ and is firmly placed for further international expansion.

He added: “BeMyEye is proven as the European market leader in this high growth space. The power of the crowd to give businesses feet on the street is a model where we see huge potential. We’re delighted to support BeMyEye in its continued international expansion.”