Investment for Crowdsourcing Insights Platform Spare5

Seattle, USA-based insights platform Spare5 has raised $10m in a Series A round of funding, which it will spend on expansion in engineering, design, marketing, community management and customer relationships.

Spare5 was founded last year by Matt Bencke, Daryn Nakhuda, Patrick O'Donnell and Matt Shobe. Since then, the firm has built a community of members known as 'Fives', who complete micro-tasks in their spare time for the firm's clients, in exchange for payment. Common tasks include photo tagging, selection, cropping and video tagging, as well as completing surveys about products, pricing and other topics.

The new funding has been led by Foundry Group, Madrona Venture Group and New Enterprise Associates (NEA), and adds to a $3.25m round secured in 2014 from the same group of investors.

Jon Sakoda, General Partner, NEA, comments: 'Spare5 is strongly focused on business data needs and has built a uniquely engaged and capable community to address those needs with high-quality insights. This investment will help them further tap the potential of this vast resource while scaling to meet growing demand'.

Web site: www.spare5.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.