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Freelancer acquires digital content marketplace startup
Outsourcing platform Freelancer has this week announced the acquisition of virtual content marketplace Fantero.
The deal gives Freelancer ownership of a marketplace with over 1 million items of digital content such as web templates, pictures and scripts, as well as access to the community of around 100,000 content creators.
Fantero was launched as photography marketplace buystocknetwork.com by Max Basaraba and Zakhar Chumak.
Freelancer founder and chief executive Matt Barrie described the acquisition as an excellent fit.
“Freelancers are constantly producing all sorts of digital content, and this is an excellent way to monetise these assets. In addition, the resource will help increase productivity and provide immediate value for those working on thousands of projects posted on Freelancer every day.”
This is Freelancer’s second acquisition since listing as a public company in November 2013, selling 6.7% ($14.2 million worth) of shares. The first was a freelance marketplace which enabled four-year-old Freelancer to double their Polish market.
According to their first post-listing annual report, the company had net revenue of $18.8 million, up 77% on last year, and a net profit of $753,000, up 3%.
“We are land grabbing now, getting into new countries … the challenge is how do we get to a billion quickly and be cost-effective,” Barrie told StartupSmart. “We are reinvesting every dollar we made back into the business.”
Over 5.3 million projects were facilitated by the platform in 2013, and almost 10 million people were using the site.
Barrie has indicated the funds raised by the listing would go towards new product platforms for users, expanding into international markets and hiring expert staff.