Total amount raised
$44.5 Million
Latest funding date
11/1/2021
Location
Contra has successfully raised funding over four rounds, with the latest being a Series B round involving notable investors such as New Enterprise Associates and Unusual Ventures. The platform is designed to connect freelancers and companies, offering commission-free payments and a suite of tools to manage projects and discover talent.
Keep reading to explore the intricacies of Contra's fundraising journey and the investors backing this innovative platform.
What Is Contra?
Contra is a professional networking platform based in San Francisco, California, designed to connect freelancers with companies and clients. The platform operates within the industries of communities, freelance, information technology, internet, and professional networking. It offers commission-free payments, allowing freelancers to keep 100% of their earnings.
Founded as a private company, Contra has grown to employ between 11 and 50 people. The platform provides a suite of tools for managing projects, getting verified as experts, finding jobs, and handling billing and invoicing. Contra's mission is to give users the freedom and opportunity to work independently.
How Much Funding Has Contra Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Contra's platform and initial operations.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A Round
- Amount Raised: USD 14,500,000
- Date: February 2021
- Lead Investors: Unusual Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial growth and development of Contra's platform.
- Series B Round
- Amount Raised: USD 30,000,000
- Date: November 2021
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To capitalize on significant user growth post-pandemic, hire more staff, and continue product innovation.
Total Amount Raised: USD 44,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a leading venture capital firm that led Contra's $30 million Series B funding round. Ann Bordetsky, a partner at NEA, has shown significant interest in the trend towards independent work.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Uber, Coursera, Robinhood
- Unusual Ventures
- Details: Unusual Ventures is a venture capital firm that participated in both Contra's Series A and Series B funding rounds. They focus on early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Carta, Robinhood
- Cowboy Ventures
- Details: Cowboy Ventures is a seed-stage venture capital firm that participated in Contra's Series A and Series B funding rounds. They focus on technology startups.
- Investment Focus Areas: Seed-stage technology companies
- Notable Investments: Dollar Shave Club, Product Hunt
What's Next for Contra?
Contra's future looks promising as it capitalizes on the growing trend of independent work. With a commission-free payment model and tools for building professional identities, the platform has attracted over a million users globally. This significant user growth, especially post-pandemic, presents a vast opportunity for Contra to expand its offerings and solidify its position in the market.
As Contra continues to innovate, future fundraising opportunities are likely. The platform's ability to attract more investors will hinge on its growth and user engagement. New products expected early next year could further enhance its appeal to both users and investors.
However, Contra faces challenges such as ensuring client payments and competing with established platforms. Managing a global user base and adapting to changing market conditions will also be crucial. Despite these hurdles, Contra's unique model and the increasing shift towards freelance work position it well for future success.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Contra and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
