Omaze's first raffle, featuring Peter Diamandis, began on August 21, 2011, and the company was founded by Ryan Cummins and Matthew Pohlson in July 2012. They got the idea for the website after Cummins and Pohlson, while in graduate school, attended a benefit hosted by Magic Johnson for the Boys & Girls Clubs of America. During the benefit, a dinner with Johnson was auctioned off for US$15,000. The two could not afford to bid, and got the idea to website with luxury prizes but with low-cost raffle style entry tickets.
The website won third prize at Startup Weekend LA in August 2011.
The company's website hosts auctions, operated in a manner similar to raffles, with celebrities and brands designed to raise money for nonprofit organizations by selling a large quantity of tickets at a low-cost. As of July 2015, the company has offered more than 150 raffles benefitting over 100 charities with donations sent from over 160 countries.
The company has worked with brands and celebrities such as: