San Diego, CA (PRWEB) November 2, 2006 –
Tech Coast Angels, the largest angel network in the United States and the number one source of funding in Southern California, has provided eefoof, the media-sharing site that pays its users, with $225,000 in its first funding round.
eefoof's unique revenue-sharing model first gained exposure when it was labeled as the "YouTube Killer" in a national spot on CNBC's popular On The Money segment back in July 2006. The idea for eefoof spawned from its founder's malcontent with YouTube. Founder Kevin Flynn posted a popular video on YouTube that spread virally throughout the web. Though it reached cult-like success, Flynn didn't receive any compensation from YouTube. As a result, eefoof participates in a substantial revenue share with its users – currently, it shares 50% of its ad revenue, which it gets from online media buys and Google's AdSense program, with the content creators.
The funding comes at an opportune time for Flynn as the site is raising its profile through an aggressive marketing campaign led by the digital marketing consultancy eBoost Marketing, and a user-oriented site redesign developed in partnership between Fraser Britton Designs and Thody Consulting Inc. As the site adds more advertisers, Flynn promises the payouts will become substantially larger to reward those with authentic and exceptional content. eefoof does not reward, nor condone, the breaching of authenticity in social media with copyright infringement or publicity stunts such as the now-infamous LonelyGirl15 phenomena.
eefoof will be out of beta by Jan. 1st 2007. A few highlights of eefoof 2.0 :
∙ Slimmed down navigation bar for easily accessible media
∙ Monthly contests for compelling content (prizes on top of increased pay-out)
∙ Outrageous payout specials
∙ Seamless navigation for media content
∙ Unparalleled expansion of social networking features
∙ Organically developed blogging platform as a part of the revenue-sharing model
"We've paid attention to our users. We've listened on forums, on blogs, on discussions, and we understand the drawbacks of the beta site. And we've fixed them. So finally, we're giving the users what the users want. Thanks for your patience, everyone. You're going to get paid…more than ever."
eefoof.com is a community-driven website built around one principal rule: the authors of internet content should be paid for their work and not have it exploited for others' gain. Founded in California in May 2006 by a group of friends who met on the internet, eefoof is a leader in consumer-generated media. As artists ourselves, we want what's best for our users. We provide creators of videos, images, blogs, and audio a large percentage of our site revenue via an electronic transfer each month based on performance. More unique views equal more money.
eefoof's phenomenal growth has led to an expanding web presence. In addition to video-sharing and image-sharing, we are growing into organically developed blogging and audio-sharing platforms. Owners Kevin Flynn, of Peanut Butter Jelly Time fame, and Matt Farley, a seasoned web developer and information systems graduate of California State University, Sacramento still have not met in person.