CloudCrowd, a labour-as-a-service provider, has raised USD5.1m in a series B funding round led by Menlo Park-based Draper Fisher Jurvetson, an early-stage venture capital fund.
The new funding will enable CloudCrowd to expand the services and features of its on-demand labour platform and drive its business development efforts.
CloudCrowd uses the internet to tap into its workforce of more than 35,000 registered workers to complete tasks, helping clients reduce overhead, increase efficiency and lower costs. Tasks are distributed through a proprietary online platform, providing work and income to CloudCrowd’s growing workforce.
"CloudCrowd’s platform allows businesses an unprecedented opportunity to have large volumes of work completed quickly and cost-effectively, while their peer-review process and robust credibility management ensure that tasks are done accurately," says Andreas Stavropoulos, a managing director at DFJ. "We believe that CloudCrowd will redefine how companies source and manage a wide range of business processes."
"We’re delighted to be joining with DFJ, who from the start embraced our vision for a transformational platform with the ability to reinvent business processes," says CloudCrowd chief executive Alex Edelstein. "This funding is a great vote of confidence in the long term potential of our company. We are the fastest growing on-demand labour provider in our market, and we plan to use this funding to invest even more heavily in ensuring the success of our customers and to further accelerate our growth."
Since launching in 2009, CloudCrowd has already completed more than 1.5 million tasks for its customers and its EditZen service has proofread and edited more than one million words.