Backed With $4.5 Million In Funding, Rev.com Launches Out Of Beta Mode
Rev.com is a marketplace that works with the top 10% of freelancers. The company has a goal of delivering services at half the price and twice the speed of traditional vendors. The company’s first two services being offered through freelancers are audio transcriptions and document translation. Today the company announced that they have raised $4.5 million in funding, led by Globespan Capital. Other investors that participated in this round include Craig Sherman (former COO of Ancestry.com) and Austin Ligon (CarMax co-founder). Venky Ganesan of Globespan is joining Rev’s board of directors.
If you have used a freelance website before, you will notice that customers are required to evaluate whether the workers they are hiring are of high quality. Even when the freelancer is hired, managing them remotely can be a challenge. By using Rev, you will not have to worry about checking whether freelancers that were hired are qualified for the project.
Rev manages the demand and the supply of freelancers. The demand side consists of thousands of businesses that trust Rev as a partner to find talented people. On the supply are a large number of freelancers that are working with Rev to make their living. Some of Rev’s clients are spread across multiple business, legal, and government sectors.
“The sharing economy is growing. While millions of people are sharing cars, houses and office space, we believe that the world’s greatest under-utilized asset is human capital,” stated Rev CEO Jason Chicola. “Rev’s secret sauce is its community of vetted freelancers. To work with Rev, freelancers must pass entrance tests and maintain high performance ratings over time. We receive thousands of applicants monthly, but only work with the top 10 percent. We believe the key to great business results is attracting and retaining the best workers, so we built a system where the best workers can make more money than elsewhere, through higher utilization. Freelancers told us that money is necessary but not sufficient; they want a fair and social workplace, just like any employee in a traditional office environment. So we built our work platform to be productive, fair and social.”
Founded in 2010, Rev.com is based in San Francisco. The company was in beta for over 18 months and the Series A led by Globespan Capital was raised in August 2012.