Privacy-Driven Social Network, MeWe, Announces Close of $27M Investment Round

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Sep 13, 2022, 14:07 ET

LOS ANGELES, Sept. 13, 2022 /PRNewswire/ -- MeWe, a 20 million-member, privacy-first, social network committed to protecting user data, today announced the close of a $27-million investment round led by McCourt Global.

"As a values-driven company, we are pleased to have the support of values-driven investors," said MeWe Chairman and CEO Jeffrey Edell. "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."

The round included $12 million from previous investors and $15 million in strategic financing from McCourt Global. Led by CEO Frank McCourt, McCourt Global is committed to building a better future through its work across the real estate, sports, technology, media, and finance industries, as well as its significant philanthropic activities.

MeWe is a breakthrough social network engineered to respect personal privacy and avoid algorithmic manipulation – allowing for authentic relationships and community to thrive. Its global membership, which currently spans North America, Europe and Asia, has created over 600,000 interest groups to date. With members divided equally between U.S. and international audiences, MeWe's free service is available in 20 languages.

MeWe has a different business model than other social media networks and doesn't depend on selling user data. Instead, it offers paid premium service granting members additional services like cloud storage and custom emojis. MeWe gives members full control of their newsfeed and content for authentic sharing with friends, family, people with common interests, as well as following celebrities, artists, and influencers without the manipulation of ads or algorithms.

With the injection of capital from McCourt Global, MeWe will work to optimize the benefits of social media, continue to uphold their commitment to reject financial models that exploit member data, and expand the company's global footprint. It will also advance the shared vision of a healthier digital ecosystem where members have more control over their personal information and online networks without manipulation by algorithms.

"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," said Frank McCourt. "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."

About MeWe

MeWe is a privacy-first social network that allows you to join groups, enjoy your friends, and puts you in complete control without ads or algorithms. With 20 million members worldwide, and unique features such as the MeWe 2-way camera, MeWe is host to over 600,000 member-driven interest groups. The company offers a groundbreaking "Privacy Bill of Rights'' which guarantees members control of their data and newsfeeds. MeWe encourages authentic engagement between members by not manipulating or amplifying content and safeguards its members with strong Terms of Service.

In 2016, MeWe was honored as Start-Up of the Year Finalist for "Innovative World Technology" at SXSW. MeWe's Board of Directors includes Jeffrey Edell, Mark Weinstein, Divya Narendra, Braxton Woodham, Max Duncan, Jonathan Wolfe, and Jason Hardy. Advisors to MeWe include the father of the World Wide Web, Sir Tim Berners-Lee, Apple co-founder Steve Wozniak, and filmmaker Cullen Hoback.

About McCourt Global

McCourt Global (MG) is a private family company committed to building a better future for all through its work across the real estate, sports, technology, media, and finance industries, as well as its significant philanthropic activities. Led by civic entrepreneur Frank McCourt, MG is dedicated to extending the McCourt family's 130-year legacy of merging community and social impact with financial results, an approach that started when the original McCourt Company was launched in Boston in 1893. MG's multiple businesses include Ligue 1 football club Olympique de Marseille, an international real estate portfolio, a technology development lab focused on creating a healthier digital society, and a private investment platform with over $1 billion in permanent capital. In 2021, MG announced the launch of Project Liberty, an initiative to transform how the internet works and create a new civic architecture for the digital world; and, in partnership with Sciences Po in Paris and Georgetown University in Washington, D.C., established the McCourt Institute to ensure that digital governance is core to the next generation of the web. MG powers Unfinished, an impact network reimagining the future to create a thriving democracy and just economy; and hosts the annual Unfinished Live convening in New York City in September. MG's philanthropic activities include its foundational support for Georgetown University's McCourt School of Public Policy and The Shed in New York City.