London-based Gener8, a privacy platform that’s received financial backing from ex-football manager Harry Redknapp and musician Tinie Tempah, has secured an additional £5.1m in funding at a valuation of £30m.
Gener8, which has developed software that lets people block websites from tracking them, will use the funds to launch its mobile app. Users can choose to share their data with Gener8 to earn points that they can exchange for products or vouchers in Gener8’s marketplace.
Sam Jones, founder of Gener8, said: “Think about it. Isn’t it crazy that we don’t even know which companies buy and sell our data?”
“In fact, we don’t even know what data companies hold on us. What do Facebook and Google know about you? Why do spam emails keep landing in your inbox?”
The Gener8 funding round drew investment from a consortium of investors that includes the former cricket captain of the West Indies Chris Gayle, ex-chief executive of the British Olympic Association Simon Clegg CBE, and investor Shane Ryan.
Previous backers of Gener8 include Dragon’s Den stars Peter Jones, Touker Suleyman and Tej Lalvani, alongside Redknapp and Tempah.
London-based Gener8 previously raised £2.1m in July 2021.
“It’s madness what happens with our online data, I didn’t have a clue how many companies were making money from us…did you?,” said Chris Gayle investor of Gener8.
“When I met Sam and he explained how much we’re being taken for a ride, and the profits so many companies I’ve never even heard of are making, I knew he was onto something.”