In a first-of-its-kind move for the tech industry, abillion rewards it's members for contributing to its growth and success through shares in the company
NEW YORK, March 1, 2022 /PRNewswire/ -- abillion, the fastest growing platform designed to help people and businesses be more sustainable, is disrupting the concept of ownership and handing shares in the company to its members. This is a first in the social media and technology industry.
Since 2018, abillion has run a unique and successful rewards program. Every time an abillion member chooses to eat or shop sustainably and shares their experiences on the abillion app, abillion credits them US$1. Members cannot withdraw the funds from their wallet but are able to use the credits to donate to any of the 60 plus non-profit organizations supported by the company. The company supports animal welfare projects from Argentina to Australia, and international organizations like Sea Shepherd and One Tree Planted. Through this program, abillion has donated over US$1.4 million. The program creates a direct link between consumer choices and the impact of those choices on the natural environment.
Through the new abillion community equity program, members can now use their donation credits to own a stake in abillion. Each dollar will convert to a dollar's worth of shares when the company goes public.
Founder & CEO Vikas Garg says, "We're uniquely positioned as a social media and technology company that's built around shared values that extend beyond our staff and offices and embody the values of our members. As a community built around a mission, we want to break the mold of Silicon Valley founders that own and control companies without bearing any responsibility to their users and society at large. Companies like Facebook and Twitter take no responsibility for the damage their platforms have done, from spreading hate, violence and misinformation to helping dictators and disrupting elections."
Members will now see an "abillion Community Equity" badge alongside the 60 plus charities the company supports. To participate in the equity program, abillion members click on the icon and allocate credits to ownership. In doing so, they are promised the amount in shares upon the company's IPO. The company will not impose any limitations on how much of the company it's members can own.
abillion was founded by Garg, a former hedge fund manager, in 2017, with the app launching in 2018. Garg has raised a total of US$17 million to fund the company, including a US$10m Series A in December 2021. The abillion app has been downloaded by over a million people in 166 countries. The app helps its members choose sustainable options when they eat or shop, and the company has donated US$1.4 million to sustainability and social impact projects worldwide since its launch. In 2022, abillion will be launching the world's first peer-to-peer marketplace fostering entrepreneurship in sustainability on a global scale.
- For images of abillion in use and a portrait of CEO & Founder Vikas Garg, here.
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Our Mission: Through technology, we are connecting and helping people live, shop and eat more sustainably.