MEDIA RELEASE PR37260
Crowdsourcing Design Company DesignBay Raises Capital and Acquires DesignCrowd
SYDNEY, Nov. 24 /Medianet International-AsiaNet/ --
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.
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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