Pangea, a market startup that wants to connect college freelancers and companies in need of digital help, sees the growth rate accelerating as it moves towards the upcoming Y Combinator demo day.
It is traditionally around this time that startups in the accelerator reach out to say hello. Provided they are willing to chat growth measurements, we are willing to listen.
Pangea, based in Providence, Rhode Island, is one such company. TechCrunch previously covered the company when it announced a $ 400,000 pre-seed round last ril. Now most of the way through the YC accelerator, the company wanted in terms of its recent growth and the fact that it added more cital to its accounts at the end of the year.
The Pangea team from their shared house / office. Via the company.
On the coin’s growth side, Pangea CEO Adam Alpert told TechCrunch that the company has grown its gross inventory volume (GMV) sequentially by 35% in each of the last two months. It’s a steep pace with GMV expansion. And the growth adds up to real numbers, with Pangea easing $ 50,000 in transactions between college freelancers and businesses over the past four weeks.
Alpert said the number a year ago was around $ 3,000 or $ 4,000.
And the company has managed to expand its market rate to around 25% and is tinkering with how it charges for its service. The result is a model that can resonate with anyone who is familiar with Fiverr and that might help the company expand its net sales.
The company’s recent growth comes after it secured an additional $ 350,000 in November 2020 at a higher C for its previously known pre-seed round. And of course, it raised $ 125,000 from Y Combinator, funds that landed in its accounts in January.
Pangea is now active on 600 campuses, Alpert said. And it has found where its service is most in demand, namely among new brands and smaller tech startups. These companies often need the types of services that college kids are good at – social media, design, etc. – making them a great fit.
The company was somewhat clumsy about the upcoming product news, but was clear that it was looking for investment partners as it works towards the Series A scale. Let’s see how Pangea does in a few weeks.
