UnderPinned, a UK-based startup that is building a one-stop solution for freelancers and clients, has successfully secured its initial £500,000 funding target through its equity crowdfunding campaign on Crowdcube. Founded in 2018, UnderPinned describes itself as a platform that supports freelancers from all industries in developing their careers, while also keeping them plugged into urban lifestyle and culture.
“Through an online magazine, partnership network and new business development app, UnderPinned offers relevant content, a set of best in class products and services, and an inspiring community that will underpin the next generation of freelance workers while assisting the growth of freelancers in the current market.”
UnderPinned’s mobile app has recently went live and has more than 2200 users. The company claims a cost of acquisition over seven times lower than the industry average. UnderPinned’s existing partners include Starling Bank, Digital Risk, Banked, IPSE.
“UnderPinned aims to lay a new foundation for the freelance economy by offering a one-stop solution for freelancers to find work, manage work and get paid, and for clients to manage their project-based workforce. One monthly subscription takes clients from proposal to payment, end-to-end, tackling issues they may face such as recruitment fees, commission, and complex management for project-based work.”
Funds from the Crowdcube round will be used to continue the growth and development of the UnderPinned platform. The company is currently offering 8.06% in equity at a £5.7 million pre-money valuation. The campaign is set to close later this week.
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