The so-called anti-Facebook social media, Ello has made a new pledge this week, that says that it will always stay ad-free. In order to improve and develop, the new startup has raised a chunk of money and now became, Public Benefit Corporation. The new rising social network has already raised $5.5 million venture funding led by Foundry Group in Boulder, Colo., and comprises a number of additional institutional and individual investors.
The new startup has become PBC i.e., public benefit corporation, this proves us that the investors cannot force the company to show ads in the Ello, or to sell the private data of the users. Suppose, if the company has been sold, the new owner also has to provide ad-free services to the Ello users.
Ello’s CEO and co-founder, Paul Budnitz, said in a statement,
“The Internet is turning into one giant billboard, and with essentially all social networks relying on advertising, data mining, and selling user data, it can be hard for some people to imagine a better way. At Ello, we’re building it. We’re fortunate to have a passionate global community that supports Ello’s mission, and like-minded, socially conscious investors who understand that a company can provide a fantastic service, and be profitable, without advertising.”
And Ello has sent a newsletter to all of its users regarding the announcement and as a part of the announcement, the anti-Facebook social media company has again promised that it would never use advertisement programs in the future and also allows its users to use anonymous names instead of their real names.
The company has mentioned that, it will earn revenue by selling specific features in the Ello and it also mentioned that it will never sell the personal details of its users.
Ello has mentioned that there are thousands of people were asking for a specific paid feature and this will make some dollars for the company. In the meanwhile, the company has raised $5.5 million for developing the platform and now ranks in 45,000 invites per hour.
- Ello, a social networking site without advertisements
- The Ello Social Network: Things You Should Know
- Ello ‘Social Network’: What’s so special in it?