DesignCrowd raises $6M
DesignCrowd, the design crowdsourcing platform, today announced that it has closed a new $6M ‘Series B’ capital raising. The round has been led by new Australian venture capital firm AirTree Ventures, founded by Daniel Petre and Craig Blair. Existing investor Starfish Ventures — which previously invested $6M into DesignCrowd — is also participating. The new round brings DesignCrowd’s total capital raised to date to over $12M.
As part of the capital raising, AirTree Ventures partner Craig Blair will join Anthony Glenning (Starfish Ventures), Garry Visontay (Chairman) and Alec Lynch (founder and CEO) on the DesignCrowd board.
“AirTree Ventures is excited to be able to lead this round,” said Blair. “Crowdsourcing is still only a fraction of the $44 billion design industry and the DesignCrowd team has manage2d to take market share from incumbents by obsessively focussing on product to deliver the best design outcomes for customers. We are looking forward to being part of the DesignCrowd growth story and welcoming the team to the Airtree Ventures family.”
Alec Lynch, founder and CEO of DesignCrowd, said the funding would help DesignCrowd pursue its vision.
“Our goal is to pioneer design crowdsourcing, to perfect the design crowdsourcing process and to take crowdsourcing to every corner of the world. We aim to have the number one design crowdsourcing service in the world — and this capital will help us do that,” said Lynch.
Lynch added that the latest funding round would be used to continue to expand internationally and innovate by improving its crowdsourcing platform.
“We will use the new capital to invest in three things: sales and marketing; product and innovation; and customer service. We plan on scaling sales and marketing globally, that is, outside of Australia and especially in the US. Already 75% of our revenues come from outside of Australia, but we believe there’s huge room for further growth. We will also be investing heavily in product and customer service, and plan on doubling the size of our engineering and customer service teams in 2015,” said Lynch.
“Crowdsourcing and DesignCrowd will continue to disrupt the $44 billion traditional design industry and the opportunity for DesignCrowd remains huge. Last year, we reached $20 million in total designer projects and we’re aiming to double that and hit $40 million in 2015.”