We’re incredibly excited to announce a $7.3 million Series B round from prominent impact investors including Dolma Impact Fund and The Social Entrepreneurs' Fund. The investment comes after the successful launch of WorkStreams™, which provide fast-growing companies an alternative to the stagnant outsourcing and dubious crowdsourcing options currently available.
WorkStreams are monthly workforce subscriptions that include a vetted, remote team that is equipped with the tools and technology needed to scale a business process in the cloud. They're quickly becoming an essential tool for tech companies developing products requiring human-powered features such as document transcription, or require human-trained algorithms such as the AI in self-driving cars.
“Our typical customer has set off on an adventure to change the world by creating disruptive technology, and then ironically discover that software can’t do it all and they need people to help power and scale their product,” says Mark Sears, Founder and CEO of CloudFactory. “We launched WorkStreams to make offloading that work easier so they can focus on innovation and growth.”
Ibotta, a retail cash-back app with over 20 million users, partnered with CloudFactory to help them scale a critical product feature. “Before partnering with CloudFactory we relied on crowdsourcing and a local staffing firm for more complex receipt moderation,” says Zev Barsky, VP of Operations at Ibotta. “We verify a huge volume of claims per day, and we trust CloudFactory with a growing share of our work. Recently they helped us beat a major cost savings goal by more than double and regularly exceed our expectations in terms of accuracy and efficiency.”
The funding will allow us to capitalize on significant momentum in the market, hire for a variety of strategic positions, and invest even further into R&D. “CloudFactory is poised to reach a new level of transformational growth in our business, the customers we serve, and the lives of our cloud workers that make it all possible,” adds Sears. “Our core focus continues to be building an amazing workforce and brilliant technology to ensure higher productivity and quality beyond anything else in the market.”
We want to send a big thank you to all of our customers for being a part of this story—the reason for our being—and for helping to provide meaningful work to thousands around the world!