Knife Capital leads Outsized’s Series A round for expansion
Outsized, a prominent talent-on-demand platform that connects top independent professionals with enterprises, has concluded its Series A funding round of an undisclosed amount, with South African venture capital firm Knife Capital leading the investment.
The startup leverages artificial intelligence and provides access to a carefully curated network of 25,000 thoroughly vetted, high-caliber independent professionals. Since its inception as a pilot program in 2016, Outsized has experienced remarkable year-on-year growth, establishing itself as a crucial partner for numerous management consulting firms and major enterprises.
This funding round also included participation from private investors, notably Adrian Durham, the founder of the global wealth management platform FNZ Group. The substantial investment will be instrumental in driving Outsized's expansion efforts across the Asia-Pacific, Africa, and the Middle East regions, with the aim of revolutionizing the freelance market in these areas.
Key Takeaways
In 2022, the global market size for freelance platforms reached $4.39 billion. It is projected to experience a substantial compound annual growth rate of 16.5% from 2023 to 2030, ultimately reaching a value of $14.39 billion. These platforms serve as a bridge between businesses seeking skilled professionals and individuals seeking freelancing opportunities. Freelance platforms offer a means for companies to post their workforce requirements, while freelancers can showcase their skills and experience through personalized profiles. The dynamics of the employment landscape were significantly impacted by the COVID-19 pandemic. Lockdowns and social distancing measures prompted a shift from traditional in-office work models to remote working. Additionally, the pandemic-related job losses drove more individuals to explore freelance work as an alternative.
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