oDesk Raises $15 Million

oDesk, a Menlo Park, Calif.-based marketplace and management platform for technical work, has raised $15 million in Series C funding. DAG Ventures led the round, and was joined by return backers Benchmark Capital, Globespan Capital Partners and Sigma Partners. It has now raised $30 million since late 2004.

 

PRESS RELEASE

oDesk, the leading marketplace and management platform for technical work, today announced it has secured $15 million in Series C financing.  DAG Ventures led the round.  Existing investors Benchmark Capital, Globespan Capital Partners and Sigma Partners also participated. 

 

The influx of capital provides oDesk with additional resources to fuel its rapid expansion.  oDesk enables companies to hire, manage, and pay remote professionals and is the only management platform that offers verified time tracking, giving managers real time visibility into virtual work.  Global teams are managed as though everyone is in the same room, and providers can be paid by the hour for actual time worked.  oDesk also helps companies identify superior talent at competitive rates and pay providers, without the usual administrative and accounting hassles. 

 

The value of services provided on oDesk has nearly tripled in each of the past two years and growth is accelerating.  To date, oDesk providers have delivered over $32 million in services.  oDesk offers its nearly 80,000 registered providers access to thousands of new full time, part-time and project opportunities each month.

 

“The funding will help us continue to transform the way the world works,” said Gary Swart, CEO of oDesk. “Through oDesk, companies can cost effectively hire the very best talent from anywhere in the world and then manage those resources as if they were in the same office.”

 

 “oDesk's growth month after month is incredibly impressive. It proves there's enormous interest from companies as well as technical workers in connecting and collaborating without geographical restrictions,” said John Cadeddu partner at DAG Ventures.  “Technology is driving virtual work and pay-for-performance models.  oDesk's marketplace and management platform clearly makes it a big player.”

 

About oDesk

 

oDesk (www.oDesk.com) is a global marketplace for programmers and technical talent that lets businesses build and manage remote teams. Hiring managers can search the oDesk network and choose from among thousands of tested, top-rated technology professionals in over 100 countries around the world. Using oDesk web-based collaboration tools, project managers can visually track and verify all work performed, both historically and in real-time. Every day, oDesk helps people all over the world work together, as if they were seated in the same office. Founded in 2004, oDesk is located in Menlo Park, CA.

 

About DAG Ventures

 

DAG Ventures is a venture capital partnership investing in and helping outstanding entrepreneurs create leading, long-term companies across a range of markets. With roots from the 1980's in cable TV, infrastructure, media, and wireless industries, the partnership today is privileged to work with world-class entrepreneurs as they build tomorrow's leaders in the information technology, energy, and life science sectors. DAG Ventures invests in companies with proven technology, from the prototype stage onward. For more information, visit www.dagventures.com