Hamburg-based startup Loved.by has just landed fresh funding from Lars Hinrichs and his incubator HackFwd (Update – December 2022: HackFwd and Loved.by seem to be no longer in business and we therefore deactivated the links).
The German online platform offers users cash for their product recommendations. But how does it work exactly? Users can recommend their favourite products, and when another user follows this recommendation and buys said product, the original user gets a reward. The reward is split into a 75% for the user that recommended the product, and 25% for Loved.by. In this way, the platform is working in a similar way to affiliate marketing.
Loved.by’s network already includes more than 10,000 partner stores. The HackFwd-supported startup was founded by Oliver Krohne and Thorsten Singhofen.
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