Total amount raised
$44.5 Millions
Latest funding date
11/1/2021
Location
Contra has successfully raised significant funding through multiple rounds, with its latest being a Series B. The platform is a commission-free freelance network, connecting freelancers with clients without taking a cut of their earnings.
Keep reading to explore the intricacies of Contra's fundraising journey and the investors backing this innovative platform.
What Is Contra?
Founded in 2019, Contra is a networking platform based in San Francisco, California. The company connects freelancers and independent professionals with work opportunities through a community and referral network.
Contra was established by Ben Huffman and Gajus Kuizinas. The platform aims to provide flexible work opportunities without taking a commission from freelancers' earnings.
With a team of 11-50 employees, Contra continues to grow, offering a unique space for professionals to showcase their work portfolios and earn a living on their own terms.
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 platform and develop the initial product.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and further develop the platform.
- Series A
- Amount Raised: $14.5M
- Date: February 2021
- Lead Investors: Unusual Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development.
- Series B
- Amount Raised: $30M
- Date: November 2021
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To capitalize on user growth, hire more staff, and continue product innovation.
Total Amount Raised: $44.5M. Current Valuation: Not publicly disclosed.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in technology and healthcare companies at all stages of growth. They have a strong track record of supporting innovative startups and established companies alike.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Robinhood, Coursera, Duolingo
- Unusual Ventures
- Details: Unusual Ventures is a venture capital firm that focuses on early-stage investments. They provide hands-on support to startups, helping them navigate the challenges of growth and development.
- Investment Focus Areas: Early-stage technology, hands-on support for startups
- Notable Investments: Carta, Robinhood
- Cowboy Ventures
- Details: Cowboy Ventures is a seed-stage venture capital firm that invests in technology companies. They aim to support founders in building products that redefine their industries.
- Investment Focus Areas: Seed-stage technology, consumer services
- Notable Investments: Dollar Shave Club, Product Hunt
What's Next for Contra?
Contra stands at the cusp of a significant opportunity, driven by the surge in independent work post-pandemic. With over 1 million new users joining the platform, the company can leverage its commission-free model to attract even more freelancers and clients globally. The planned release of new products early next year further positions Contra to capitalize on this growing market.
Future fundraising seems promising, given the strong investor confidence demonstrated in the recent $30 million Series B round. This financial backing will likely support Contra's expansion and product innovation efforts. However, the company must navigate challenges such as ensuring payment reliability and competing with established platforms that charge commission fees but offer other benefits.
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