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Crowdsourcing Design Company DesignBay Raises Capital and Acquires DesignCrowd
SYDNEY, Nov. 24 /PRNewswire/ -- Crowdsourcing design company DesignBay has raised capital from a syndicate of angel investors and has acquired and merged with US website DesignCrowd.com.
DesignBay, an online graphic design crowdsourcing company, has acquired and merged with US freelance design website DesignCrowd (http://www.designcrowd.com). DesignBay has been growing at an average of 21% month on month for the last year, highlighting the strength of its crowdsourcing business model, and the new entity now boasts over 12,000 graphic designers and studios from around the world.
The acquisition has been funded by a group of investors, backing the business through a significant private investment, equipping the combined entity for even further significant growth.
The combined company will be known as DesignCrowd (http://www.designcrowd.com) and will allow people to 'crowdsource' a range of creative services from logo design (http://logo.designcrowd.com) to t-shirt (http://tshirt.designcrowd.com) to poster design (http://poster.designcrowd.com).
Alec Lynch, managing director of the combined entity, says "crowdsourcing is essentially outsourcing on steroids" and DesignCrowd will offer "more powerful, higher quality and sustainable crowdsourcing by attracting higher caliber design talent and offering thousands of participation payments each month to offer a fairer and more sustainable form of crowdsourcing."
DesignBay's ability to raise capital and achieve rapid growth during the downturn highlights the success of its business model. Alec Lynch says "crowdsourcing is even more attractive during a downturn as it reduces risk and cost for the buyer while providing opportunities for designers to expand their client base and utilize their spare time."
DesignCrowd is planning to expand upon its crowdsourcing services and if it can continue to grow at its current rate will have 70,000 designers by June 2010.
Background Information About DesignCrowd
DesignCrowd (www.DesignCrowd.com; formerly DesignBay) is a leading crowdsourcing marketplace for creative services, logo, web and graphic design that helps businesses get ideas and creativity from around the world. DesignCrowd clients include Shell Oil and HI-TEC shoes and over 12,000 graphic designers and design studios from the US, UK, Canada, India and Australia.
SOURCE DesignCrowd
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