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We all possess a reservoir of unique knowledge and skills, but this expertise does not always pay off. Rewarder, a company that matches people with specific needs with people eager to meet them, launched a mobile app today to keep people fulfilled on-the-go.
Rewarder is a social marketplace where people can solicit advice, expertise, and resources from the community it exchange for rewards. It takes a unique approach to the shared economy by offering a peer-to-peer marketplace for knowledge, rather than products or services. People can offer $50 for a travel itinerary, or $1000 to locate a rare collectible item.
“In the last six months, we have had many conversations with our users on how to improve our marketplace,” he said in an email. “Not only is our community filled with multi-taskers that want the option to create and submit Rewards on-the-go, but many also felt that inspiration struck when they were out and about vs. at their computers, and wanted to be able to have a way to create Rewards or respond to them instantly with an idea they came across.”
The company launched with $7 million in October 2012 and has since grown by five times, reaching almost 500,000 members. The funding also supported development of the mobile app which will allow people to post rewards from their smartphones. Users submit to win rewards anytime, anywhere. Rather than flipping through an outdated Highlights magazine at the dentist’s office, why not provide a list of romantic anniversary date ideas to a clueless boyfriend? Or search for an original set of Dungeons and Dragons dice?
CEO Kendall Fargo said that Rewarder’s community is already highly engaged. More than $14 million rewards have been offered to date and hundreds are won each week. Each reward receives an average of seven submissions and there is a 250 percent increase in rewards viewed since December. The mobile app will not only raise levels of engagement, but also facilitate expansion into international markets where mobile technology predominates.
Rewarder is backed by Granite Ventures and Radar Partners, as well as Ron COnway, David Lee, and Kenny Lerer. The team is based in San Francisco.