Student labour marketplace Pangea announced last Friday that it has raised US$2 million in a seed round. The Providence, Rhode Island based startup connects and helps students to engage in freelancing projects. The recent funding follows a US$100k pre-seed funding round in April last year. The start-up has raised a total of US$3 million including funding from accelerator Y Combinator.
Thrilled by the recent capital raise, Adam Alpert, CEO and Co-founder, Pangea revealed that the raised capital will be used to amplify its human capital and to increase the number of permanent full-time staff to accelerate holistic growth. He further mentioned that Pangea aimed at a US$1.5mn capital raise but managed to secure more. Given that the value of sold services on Pangea’s market rose 400% on a year-over-year basis in Q2 2021, the funding doesn’t come as a surprise.
The recent funding was led by IDEA Fund Partners and other investors included, Unpopular Ventures, Brown Angel Group, PJC and a number of individuals. The student labour marketplace platform has shifted from Y combinator, early-stage realm of SAFEs to a priced event, making it an 8-figure company.
Adam Alpert, talking about the location and benefits of it stated that, Pangea is based in Providence, a relatively cheaper market than other cities in the US, giving it ample time and space to grow. He further mentioned, though the start-up is located in a suburb, the growing interests of investors to invest even remotely will be advantageous for the company. While Pangea is at its growing stage, there is a surge in several other venture-backed, seed-stage startups.
With the recent valuation of 8-figured- $3 million, the student labor market place platform seems adamant to utilize the benefits of its location and hiked investor interest, to reach series A funding range.