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Startup Spare5 Turns your Smart Phone into Cash Machine


Greg Gottesman, managing director at Madrona Venture Group expresses enthusiasm over a new startup that will allow users to make extra money in their spare time and allow companies to crowdsource basic tasks, according to Geek World.

Spare5, which announced a $3.25 million seed round, allows people who spend hours on their smartphones anyway to do simple jobs, like filling out surveys, photo tagging, at around $1 per task. The worker is rated on each task, and when his or her score is higher, there is potential for more complex jobs and higher pay.

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CEO Matt Bencke was formerly vice president of Getty Images, and commented on his site, “We pay targeted users of our app to provide insights in their spare time. We aggregate those insights, filter them for quality and provide them to businesses who pay us for the insights.”

Spare 5 has a deal with Porch, a home improvement site which has raisd $33 million and has 3, 000 active users. Porch uses Spare 5 to help tag photos posted by homeowners.

“A company is only as good as its execution and its execution is only as good as its team, ” said Gottesman. “This is just a good team that I’m really excited about.”



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