Silicon Valley startup OpenLabel closed a 500K seed round and launched a free iPhone app and website. One that lets consumers and non-profit partners attach information and product ratings. That information goes directly onto any barcoded product.
After closing half a million dollar seed investment from investors at Google, Amazon, and MicroVentures, tech startup OpenLabel released its free mobile app and web platform. One that helps smart shoppers make healthier, more responsible, and more informed decisions.
By applying concepts from crowd-powered platforms like Yelp, Twitter and Reddit, the team aims to eventually replace the traditional, outdated product label. Now it’s more relevant, more dynamic information like company and product ratings. Plus analysis from a variety of sources.
Users simply scan the barcode of any product in the world, and contribute their own information and recommendations on issues such as health and safety, social justice, environmental impact, politics, and animal welfare. Each “label” can be shared and rated by the community, and consumers can follow the sources they trust to see updates in their personal feed.
In conclusion, the team has indexed over 20 million products. More noteworthy their private beta users have already contributed over 100,000 labels. They are ranging from personal recommendations to more serious data. All from dozens of non-profit partners such as Fairtrade, Healthy Child, Greenpeace, Oxfam, Unicef, and the Environmental Working Group.
According to Deloitte, 4 out of 5 consumers use mobile phones. However in retail stores, 80% of smartphone users want mobile-optimized product info. Finally, all the while shopping.