oDesk runs a marketplace for talent that makes it easy for companies to post jobs for free and hire remote contractors across functions like writing, marketing and data analysis. Contractors can apply for posted jobs and oDesk provides prior work histories and feedback ratings to help vet talent. The company monetizes the platform by taking a 10 percent cut of every work transaction. Contractors on oDesk are currently earning more than $300 million on an annual basis and worked a record 2.1 million hours last October through the site. oDesk stated it believes the market will grow to $1 billion this year. The company has strengthened its team with hires including CFO Gregory Stanger, VP of Engineering Jeff Jackson, VP of Marketing Jaleh Bisharat, and Executive Chairman Thomas Layton. oDesk provides a platform that lets companies hire technology providers (programmers, web designers) and supplies tools to monitor, manage and pay remote, outsourced employees. The service differentiates itself from marketplaces by handling hiring, management and payment, and it exposes earnings data through an oConomy feature. Menlo Park–based CEO Gary Swart says demand is growing as more companies outsource tech work and workers seek remote flexibility. The company controls costs in part by using its own technology to manage 41 contractors. Management plans to focus on building its customer base and improving the product now that it has new funding. Financially, oDesk entered the round with about $3 million remaining from an $8 million second round in the bank. oDesk operates a marketplace for contract talent that matches project managers with skilled providers across categories such as document writing, Java and C++ development. The platform uses webcams and screen-capturing on providers’ machines to monitor work and ease trust issues in online contracting. oDesk charges hourly rates for work, takes a commission on hours billed, and reports tens of thousands of hours being charged out each month. The service lists roughly 3,600 providers and had about 255 job openings in the system at the time of the article; providers are primarily located in India, Russia, Ukraine, the US, the Philippines and Canada. After two years in beta the company launched in May, and the team is about 40 people, roughly half of whom also provide services on the platform. The company is based in Menlo Park and has raised funding to support its operations.

Total raised

$36M

Funding rounds

3

Latest round

Series D

Latest activity

Mar 2012