Democratizing product and brand referrals for influencers of all following sizes
- $13.5M in sales yielding $1.4M in commission revenue as of 12/6/2021
- $2M projected revenue by 2024
- $12B total addressable market growing at a 10% CAGR
- 23K+ brand partners and growing
- Centralized platform for smart shopping and product referrals
- Seamless cash back and automatic coupons for shoppers
- Enhanced visibility, engagement, shopper behavior for brands
83% of customers are willing to refer products/services—Edit
Yet only 29% actually do.
Currently, 92% of people trust recommendations from family and friends—more than any other form of marketing—but word-of-mouth is underutilized by many brands. Current platforms leave most consumers without the means or incentive to share referrals, resulting in loss of sales and reduced brand visibility.
Micro-influencers usually have higher engagement rates and metrics than their ultra-influencer counterparts. Yet, referral programs are extremely restrictive based on follower count and/or having a certain "look".
Refermate aims to fix these issues & democratize the influencer marketing industry.
Comments taken from an Amazon Influencer ad (via Instagram)Edit
Refermate simplifies, incentivizes, and removes the unnecessary barriers that dissuade authentic brand referralsEdit
Refermate makes it simple for anyone to refer any product or brand that excites them, and rewards them for doing so.
We're removing the barrier to entry into influencer marketing. Our platform doesn't require a certain amount of following or a specific "look." We've found that these users/influencers are the most genuine, and tend to see the most success when it comes to referrals.
A centralized platform that enables 1-click referrals and cash back for everyoneEdit
Refermate enables users to refer brands and products to their audience, and receive cash back or commission directly to their Refermate account. Available on web or our free browser extension.
Refermate makes it easy for shoppers to earn cash back on their online purchases. Users simply search for their store and choose a coupon or deal to use at checkout. After completing their purchase as they would normally, Refermate credits their account with cash back. Also available on web or our free browser extension.
Refermate Anywhere, our free browser extensionEdit
On the web at www.refermate.comEdit
$13.6M+ in sales for our 24K brand partners with $1.4M commission revenueEdit
We've never raised outside capital, are completely bootstrapped, and have always been profitable. As of October 2021, we’ve processed 170K transactions. Our commission fees from $12.5M in sales equates to $1.3M in revenue.
We've partnered with notable brands such as Nike, Travelocity, Theragun, and more.
Shoppers, micro-major influencers, and brandsEdit
We’re helping our customers build community around their shopping experiences. While saving time and money, they’re also inspiring friends and followers with their style choices and shopping savvy.
Refermate empowers everyone to make the most out of their social connections, even if they’re not an established influencer.
Brands also get the added benefit of detailed user data in addition to their added sales.
We earn commission for purchases & referralsEdit
By integrating referral and coupon services into one platform, we're able to target two market segments and offer tremendous value to our partners. This enables us to earn commission on purchases & referrals. The commission amount averages to about 10% on each sale.
By grabbing only a small, 1% share of our major competitors from each segment, Refermate is able to project $2M/year in revenue by 2022.
Cash back and referrals are just the start. With an integrated product and omnichannel marketing strategy, we project an ARR of $4.5M by EOY 2024 as we grow our product line and geographies.
Tackling the $12B affiliate marketing industryEdit
The affiliate marketing industry is witnessing major growth, and exits in the billions-of-dollars have not been uncommon. [Ex: Honey was acquired by PayPal for $4B in 2019, & eBates was acquired by Rakuten for $1B in 2014]
- US affiliate marketing spend to grow by 10% CAGR in the next few years (27% CAGR globally)
- Worth $12B globally ($4.5B US)
- AM accounts for 15% of all digital media revenue
- AM is one of the largest sources of online sales, accounting for over 16% of all e-commerce orders in the USA and Canada
An integrated approach for ease of use and better market captureEdit
Refermate is poised to build on the success of incumbent platforms, which provide fewer services and limit their target markets.
Existing market leaders for smart shopping, like Honey and eBates, don’t offer the benefit of commission for referrals—leaving a market opening for an integrated platform.
Additionally, the requirements of other referral networks—like MagicLinks and Amazon Influencers—often deter aspiring influencers. These consumers represent an underserved market that overlaps with our target smart shopping customers.
Vision and strategyEdit
Referrals and shopping— streamlinedEdit
Refermate has always been profitable. After this round of fundraising, we’ve got our sights set on half a million users and $3.5–$4.5M revenue in two years. Our revenue-first approach means that every dollar raised will be used to grow the top and bottom line. We plan to scale our organic traffic, userbase, extension downloads, and brand partnerships.
Second year opportunities include a native mobile application with automated cash back in-store and online. We expect significant incremental ROI uplift as we explore whitespace opportunities.
Currently 100% bootstrapped & profitableEdit
We have a $5M valuation cap, and Refermate has never raised outside funding. We're completely bootstrapped prior to this campaign on Republic. Our co-founders each invested $500 to start the company.
We will use outside funding responsibly as we've been in the past with our own funds. We aim to grow our user base exponentially, and grow our team conservatively. We aim for extensive scaling of current operations and creating new revenue channels outlined above in the "Vision" section.
Over 15+ combined years in the affiliate industryEdit
We started Refermate together as housemates with just a $500 contribution each. Bright and Aktug set out to change the way product referrals and cash back were handled.
Building the company on a shoestring budget, we're now surrounded by a freelancing team of 3. What we may lack in professional investors and advisors, we make up for with creativity and tenacity, and overall—with a proven record of growing a brand with limited resources.
Formerly: B. Riley Investment Bank
SF State '12