OpenLabel
OpenLabel converts product barcodes into 'digital labels' which the public can see and comment on to help users in their buying decision.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
| USD | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 |
| EBITDA | 0000 | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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OpenLabel was a mobile-focused, social content company founded in 2012 by serial entrepreneur Scott Kennedy, who served as its CEO. Kennedy's background as a founder of several other companies, including Buycott and Axcelis, informed his vision for a data-driven platform aimed at increasing consumer-level transparency. The company's core offering was a mobile application that allowed users to scan any product barcode and access a crowdsourced "digital label." This platform enabled consumers, non-profits, and the general public to attach and share information, opinions, and reviews directly onto a product's digital profile, covering aspects like environmental, social, health, and safety impacts.
The business operated in the consumer information and social content market, targeting ethically-minded shoppers who wished to align their purchasing decisions with their values. Initially, OpenLabel's strategy involved partnering with non-profit organizations to pre-populate the database with information, aiming to create a critical mass of content that would compel product manufacturers to engage with the platform. The app allowed users to vote content up or down, creating a dynamic, user-curated repository of product information beyond traditional marketing. By 2015, the platform had amassed over 135,000 reviews across 20 million products from 14,000 brands.
Financially, OpenLabel was venture-backed, having gone through an accelerator/incubator phase and several seed funding rounds, raising a total of at least $460,000 from investors including Aventura VC and MicroVentures. The company's journey as an independent entity concluded in January 2016 when it was acquired by Buycott, another company founded by Kennedy focused on consumer empowerment through purchasing choices.
Keywords: Scott Kennedy, consumer transparency, barcode scanner app, ethical consumption, product information platform, social content app, crowdsourced reviews, brand transparency, responsible shopping, consumer empowerment, digital product label, non-profit partnerships, Buycott acquisition, Aventura VC, product rating app, mobile commerce, consumer data, sustainable purchasing, conscious consumerism, supply chain transparency