What’s sweeter than Honey? When you own the hive!
Honey is a direct competitor to iConsumer – rewards and loyalty. They sold with a reported $100,000,000 in revenue, 17,000,000 members, and $50,000,000 of venture investment.
The fat cat venture capitalists won again. Some of them apparently got a 300X return on their investment. Now don’t get me wrong, some of them are my friends, and I’m happy for them. But the lack of opportunity for my other friends and the folks who helped to build that business really gets to me. For every dollar somebody invested (a “he”, probably) he got $300. Those 17,000,000 members got … wait for it:
Nothing. Nada. A goose egg. Zero.
The same thing happened when eBates sold to Rakuten. Investors won. Customers – ignored.
That’s the whole point of using iConsumer. You build it, you should participate in a win.
Instead of getting $1 in cash back from those other guys (on a good day) you’re getting $1 in stock. Based on a price of $.18/share currently (but the last trade was at $.25!).
If you get a 300X return (we can all hope), that $1 means $300. That’s a win you justly deserve because we got the capital and revenue we need to grow and prosper from you, not from the 1%.
It was PAYPAL bought Honey.
I think that means additional opportunity for us — they weren’t on my radar as a potential acquirer. It also makes for a pattern … RetailMeNot, eBates, Honey. I wonder who might want to buy iConsumer? We’re still pretty darn small, that’s a big reason we need to grow.
Something we learned from that sale. It took Honey two years to raise venture money. It’s not easy, but for those investors who finally saw the light, the ride was well worth it. 300X returns are the proverbial unicorns. Nobody normal ever gets to ride one. We’re aiming to change that.
Some interesting metrics
- Price per member: ~$235
- Invested per member: ~$2.94
- Revenue per member: ~$5.88
5 Comments
Sherry Yue, December 6, 2019 at 3:20 am
I tried Honey. Didn’t find anything special about it and did not use. However, the company that I’ve been emailing you about is a game changer. Just a matter of time before they spread like a wild fire.
Mark, January 17, 2020 at 4:12 am
What’s this company you speak of?
Robert Grosshandler, January 17, 2020 at 11:33 am
Paypal is the payments processor, formerly owned by eBay. Honey is a browser extension (not unlike the iConsumer Button) that offers ways to save money and get cash back.
Cassandra Kaanana, January 12, 2021 at 1:59 pm
Do you still give stock back for The Home Depot, because when I was sent to their web page from iconsumer, the iconsumer logo never came up in the corner like it usually does. Also, I order a vacuum from Shark and gave them a different e-mail to them than the one you have on file for iconsumer. Because of that, my order was canceled, and I was never informed that it had been canceled. I spent all day trying to figure out what happened, and that was the cause, as soon as I used the same e-mails, the order went though, I lost a week waiting for a product that never came. So this needs to be address in the shareholders and or your facebook web site to warn other about this so they don’t have to go through the same thing. Thanks
Robert Grosshandler, January 12, 2021 at 2:19 pm
This is a terrible place to get technical support. https://support.iConsumer.com is your friend.
But we do know that the tracking of your purchase has nothing to do with your email address. So long as you use the links on our site, in our emails, the iConsumer Button, or the mobile app, the tracking should work just fine.