Australia’s Starfish Ventures backs DesignCrowd with $3m investment


australia flagAustralian venture capital firm Starfish Ventures has invested $3m in online marketplace DesignCrowd, which helps companies outsources creative projects.

DesignCrowd has 40,000 registered graphic designers, which it said is four times the 10,000 designers employed in design studios in Australia.

The company has grown more than 1300 per cent since raising $0.3m from angel investors in 2009.

Starfish Ventures investment director Anthony Glenning said, “We really believe in the crowdsourcing model.

“In particular, we are really attracted to the idea of crowdsourcing the solution, rather than simply providing a marketplace for outsourcing, which ends up as a race to the bottom and is neither beneficial to the customer nor the designer.

“(Founder and CEO Alec Lynch) and his team have done a great job providing a unique offering that serves both.”

Earlier this year the Australian government provided A$100m to three venture capital firms to invest in early stage Australian companies.

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