The Western Australian company LITT, a social media startup dubbed as the “Facebook alternative” broke crowdfunding records on Tuesday. In just 40 minutes the company had raised $500,000, followed by the second fastest CFS raise to $1 million after just 11 hours.
The app is a hybrid of social media, e-commerce, digital payments and augmented reality advertising that is focused on local communities. Allowing local communities to support each other. LITT allows members to earn digital cash as they watch ads put out by local businesses on their newsfeed, and has already gained 18,000 members and 460 businesses.