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Total amount raised
$127.5M
Latest funding date
2024-08-03
Location
Braintrust has successfully raised funding over five rounds, with the latest being a Series B round. The platform connects skilled tech experts with clients through a blockchain-powered freelancer marketplace.
What Is Braintrust?
Braintrust is a blockchain-powered freelancer marketplace that connects skilled tech experts with clients. The company operates in various sectors including Blockchain, Freelance, Human Resources, Internet, Marketplace, and Web3. It is based in San Francisco, California, United States, and has an employee count ranging from 11 to 50.
Braintrust AIR, a product of Braintrust, is an AI-powered recruitment software designed to streamline the hiring process for HR teams. The software automates tasks such as scheduling and preliminary interviewing while ensuring human oversight remains in hiring decisions. It is trusted by some of the biggest names globally and offers tailored solutions for various industries.
How Much Funding Has Braintrust Raised?
- Seed Round
- Amount Raised: USD 5,000,000
- Date: December 2018
- Lead Investors: True Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial development and launch of the Braintrust platform.
- Seed Round
- Amount Raised: USD 500,000
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand its user base.
- Venture Round (Strategic Growth Funding)
- Amount Raised: USD 18,000,000
- Date: October 2020
- Lead Investors: ACME Capital, Blockchange Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance its technological capabilities.
- ICO / Private Token Sale
- Amount Raised: USD 100,000,000
- Date: December 2021
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth of Braintrust and expand its network.
- Series B
- Amount Raised: USD 4,000,000
- Date: August 2024
- Lead Investors: Abhigyan Borah
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the platform's features and expand its market reach.
Total amount raised: At least USD 127,500,000 based on disclosed funding. Current valuation: Not publicly disclosed.
Key Investors
- Abhigyan Borah
- Details: Abhigyan Borah is identified as the lead investor in Braintrust's Series B funding round of $4M in August 2024, alongside Coinbase Ventures.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Series B – Braintrust.
- Coatue
- Details: Coatue is a global investment firm focused on technology, media, and telecommunications. They participated in Braintrust's $100 million private token sale in December 2021.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: ByteDance (TikTok), DoorDash, Snap Inc.
- ACME Capital
- Details: ACME Capital is a venture capital firm that invests in early-stage technology companies. They co-led Braintrust's $18 million strategic growth funding round in October 2020.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Not publicly disclosed.
- Blockchange Ventures
- Details: Blockchange Ventures is a venture capital firm specializing in blockchain technology investments. They co-led Braintrust's $18 million round in October 2020.
- Investment Focus Areas: Blockchain and Web3 technology.
- Notable Investments: Not publicly disclosed.
- True Ventures
- Details: True Ventures is a venture capital firm that invests in early-stage technology startups. They were one of the initial investors in Braintrust's 2018 seed round.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Peloton, Ring, Fitbit.
- Coinbase Ventures
- Details: Coinbase Ventures is the investment arm of Coinbase, focused on early-stage crypto and Web3 companies. They participated in Braintrust's Series B round in August 2024.
- Investment Focus Areas: Crypto, blockchain, and Web3.
- Notable Investments: Not publicly disclosed.
What's Next for Braintrust?
Braintrust stands at the cusp of significant opportunities, driven by its rapid growth and the increasing adoption of Web3 technologies. With a 2,250% increase in gross sales volume and a growing list of enterprise clients, the platform is well-positioned to expand its network and attract more IT professionals and companies. The $100 million raised in private token sales will further fuel this expansion, enabling Braintrust to fund community projects and enhance its platform features.
Future fundraising opportunities appear promising, with the potential for additional token sales and increased venture capital investment. The platform's unique nonprofit and co-op business model, combined with its use of crypto tokens, sets it apart from traditional gig marketplaces and appeals to a growing number of investors. However, Braintrust may face challenges such as competition from established platforms like Upwork and Fiverr, regulatory hurdles related to crypto tokens, and the need to maintain its business model while scaling.
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