Online job marketplace Elance has raised $16 million in new capital led by the Stripes Group with existing investors, New Enterprise Associates and Kleiner Perkins Caufield & Byers participating.
Elance is a service that allows for companies and individuals to hire and pay independent professionals and contractors online and in the cloud. Elance provides companies with the tools to hire, view work as it progresses and pay for results, replacing traditional outsourcing outlets.
“It is clear that a structural change in traditional employment is underway,” said Fabio Rosati, CEO of Elance. “Work is no longer confined to the 9-5 and the office: people are working online with multiple clients as a career choice and companies are hiring online teams as a core business strategy. This investment will help Elance keep up with demand and continue to innovate work.”
In 2011, the number of businesses hiring and the number of online professionals working on Elance grew more than 120 percent since 2010. Businesses posted more than 650,000 new jobs on Elance in 2011 and contractors have earned nearly $500 million to date on the platform.
Elance also recently announced it will give $1 million to The Startup America Partnership, the national campaign that aims to accelerate entrepreneurship.