The Jebbit team warned “big news” was coming, and on TechStars Boston Demo Day Thursday, that big news was brought to light. Jebbit has pivoted from an online advertising platform into an ad network—and that network is now looking to raise $1.25 million, with an undisclosed amount committed, courtesy of Boston Seed Capital.
Jebbit has undergone some dramatic changes since launching out of Boston College in 2011 with $6,500 in hand. After spending a summer with Highland Capital, the team went on to receive $29,000 from HubSpot’s Dharmesh Shah through the FutureM Shark Tank event. Three months later, more than $200,000 in additional financing was announced, as well as the founders’ choice to take a leave of absence from school.
One aspect has remained consistent, however: Jebbit’s pay-for-performance model. Since launching, students have earned more than $100,000, simply by exploring and interacting with a brand’s web content through Jebbit.
Jebbit has partnered with Zipcar, Bose, Coca-Cola and Microsoft, among others, to turn their existing resources into interactive campaigns designed to compensate consumers with monetary and exclusive rewards. For participating brands, this technique not only helps ensure customers understand their message, but also allows them to identify and target the right shoppers, making marketing efforts more efficient with a few simple clicks.
Prior to today’s announcement, Jebbit was a destination website. Now, however, users are able to answer questions on partner websites, and those users aren’t merely secluded to Boston.
When Jebbit was founded, the focus was initially on local merchants, but eventually expanded to web-based, early-stage startups and mobile apps. By shifting their attention and partnering with national brands, however, Jebbit is able to tap a broader user base.
“We wanted to be able to have our users in Montana and Arizona have as good of a Jebbit experience as the users in Boston,” said Jonathan Lacoste, co-founder and COO, in a phone interview with BostInno prior to Demo Day.
Now, users from across the country can “Jebbit” on any website. Take Bose, for example. If Bose is debuting a new pair of headphones, consumers can actually “Jebbit” on the page featuring the product and earn rewards toward making a Bose purchase.
The emphasis, once focused on how many questions students could accurately answer about a brand, is now being placed more on engaging those students with different companies via social media, having them make purchases and create accounts, according to Lacoste.
Down the road, Lacoste admits the team plans to shy away from the college-centric crowd, but a focused demographic has, so far, been an easier sell to advertisers.
After seeing Jebbit’s quick success, however, soon their name will sell itself.
