MyFolk, a NYC-based social buying app, raised $5.3m in seed funding.
Backers included three anonymous angel investors.
The company wil use the funds to build out a team and bring prototype to viable product, with a timeline set for a late fall launch. The app will be available for both iOS and Android devices.
MyFolk provides a social consuming app that lets users look up in real-time whether a product conforms to their political, spiritual, social beliefs and whether their social sphere approves.
The app’s proprietary technology leverages image recognition software, app integration data harvesting (including Google Mail, Facebook, Twitter, and Spotify, with more coming soon), personality profiling metrics, and a database of over 120,000+ brands. In seconds, by scanning a logo or searching for
a brand, consumers can find:
i) what their social sphere (friends, followers, influencers) thinks of the brand
ii) if the brand aligns with their personal politics, and
iii) whether another brand may be a better expression of their identity.
The app compiles a given company’s historical public records, digesting the data and showing how a given brand’s politics aligns with a user’s—and their social circle’s. This data includes: corporate donation recipients, employee policies (maternity/paternity leaves, religious holidays), and executives’ public statements, voting records, and political contributions.