Braintrust Closed $5M USD Funding Round, Works Toward Beta Launchbr>
Freelance Labs, the developer behind Braintrust, a new platform that will enable organizations and freelancers to get critical software projects built quickly, has closed approximately $5 million in its initial fundraising round. Institutional investors includeTrue Ventures, Homebrew, IDEO CoLab, Cambrian Asset Management, Uprising Capital and Vy Capital.
Braintrust will use a tokenized network to provide access to freelancers. Tokens will accrue to freelancers and job posters instead of a value-extracting, high-fee legacy marketplace.
“We’re observing a fundamental shift in how work gets done around the world,” Freelance Labs co-founder and CEO Adam Jackson said. “Although hundreds of millions of new, skilled information workers have come online, an efficient marketplace has yet to form to serve organizations looking to outsource larger technology initiatives in an ongoing, low-turnover and efficient way. Outsourced technology teams should operate as smoothly as internal tech teams.”
Braintrust’s core belief is that people should be able to do the work they love on their own terms and keep 100 percent of the value.
Braintrust is designed to eliminate the barriers that both freelancers and businesses face in today’s high-fee model of legacy marketplaces such as Upwork and Gigster. Currently, freelancers have to cede as much as 50 percent of their project revenue to marketplace fees, and on top of that, they lose control of their reputations and work histories.
Outsourcing big software projects has traditionally been overly complex: Businesses must sift through a mountain of proposals, and still they’re forced to deal with quality issues, high turnover, and strong incentives to disintermediate, thus preventing larger and more critical initiatives from being effectively outsourced. Braintrust is designed to tear down these barriers, enabled by a token-appreciation business model that will connect a new level of talent and opportunity worldwide.
With the new infusion of capital, Freelance Labs will continue to build out the Braintrust platform, which is currently set for invite-only release in Q1 of 2019.
The Braintrust development team is composed of Jackson and fellow technology entrepreneurs and marketplace experts Brian Flynn and Gabriel Luna-Ostaseski. The team is actively building out its network of top-tier product development talent and organizations that want to outsource large and ongoing projects.