Business
YC-backed Pangea discusses growth, fundraising ahead of demo day
Pangea, a marketplace startup that wants to connect college freelancers and companies in need of digital help, is seeing its growth rate accelerate as it races toward the impending Y Combinator demo day.
It’s traditional around this time that startups in the accelerator reach out to say hello. Provided that they are willing to chat growth metrics, we’re 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 April. Now most of the way through the YC accelerator, the company dished regarding its recent growth and the fact that it added more capital to its accounts late last year.
On the growth side of the coin, Pangea CEO Adam Alpert told TechCrunch the company has grown its gross merchandise volume (GMV) sequentially by 35% in each of the last two months. That’s a steep pace of GMV expansion. And the growth is adding up to real numbers, with Pangea facilitating $50,000 in transactions between college freelancers and businesses in the last four weeks.
Alpert said that its year-ago number was around $3,000 or $4,000.
And the company has managed to expand its market take rate to around 25%, tinkering with how it charges for its service. The result is a model that might resonate with anyone familiar with Fiverr, and may help the company more rapidly expand its net revenue.
The company’s recent growth comes after it secured another $350,000 in November 2020 at a higher cap to its previously known pre-seed round. And, of course, it raised $125,000 from Y Combinator, funds that landed in its accounts this January.
Pangea is now active in 600 campuses, Alpert said. And it has found where its service is most in-demand, namely among emerging brands and smaller tech startups. Those firms often need the types of services that college kids are good at — social media, design, etc. — making them a good fit.
The company was somewhat coy on upcoming product news but was clear that it’s looking for investing partners as it works toward Series A scale. Let’s see how Pangea does in a few weeks.
Early Stage is the premier “how-to” event for startup entrepreneurs and investors. You’ll hear firsthand how some of the most successful founders and VCs build their businesses, raise money and manage their portfolios. We’ll cover every aspect of company building: Fundraising, recruiting, sales, product-market fit, PR, marketing and brand building. Each session also has audience participation built-in — there’s ample time included for audience questions and discussion.
-
Business6 days ago
Women in AI: Rep. Dar’shun Kendrick wants to pass more AI legislation
-
Entertainment3 days ago
‘Furiosa: A Mad Max Saga’ review: George Miller’s blazing action folktale might just have outdone ‘Fury Road’
-
Business5 days ago
Healthy growth helps B2B food e-commerce startup Pepper nab $30 million led by ICONIQ Growth
-
Entertainment4 days ago
‘House of the Dragon’ Season 2 trailer breakdown: Dragons, Rook’s Rest, and more
-
Entertainment4 days ago
Sex education is under threat in the UK. What’s going on?
-
Business3 days ago
Orange Charger thinks a $750 outlet will solve EV charging for apartment dwellers
-
Business3 days ago
Senate study proposes ‘at least’ $32B yearly for AI programs
-
Entertainment5 days ago
Apple iPad Pro 2024 (13-inch) review: The battery life is bonkers