# ConceptDrop

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/conceptdrop

- Industry: Internet
- Headquarters: Chicago, US
- Website: www.conceptdrop.com
- Total disclosed funding: $1.1M
- Latest round: Seed (May 20, 2016)
- Investors on record: 5

## About

ConceptDrop, now rebranded as Source, provides a versatile freelance management platform that connects businesses with vetted freelancers in creative, digital, and consulting sectors.Founded in 2012, ConceptDrop (now Source) is headquartered in Chicago, US, focusing on freelance management solutions. Phil A. is one of the co-founders, while Adam Krumwiede serves as the CEO. The company has completed 5 deals, with the latest funding round being a Seed round in May 2016, in which it raised USD 1.1 mn led by Network Ventures, alongside investors such as 500 Global and M25 Group.Source offers a comprehensive freelance management platform that streamlines the hiring and management of vetted freelancers across various sectors, including creative, digital, and consulting services. The platform allows businesses to efficiently scale their teams by providing access to a thoroughly screened pool of freelance talent. Notable clients include Bang & Olufsen and Rithum, who utilize Source to hire high-quality designers, writers, and other specialists, primarily in North America and Europe.Source generates revenue through a flexible model that includes pre-paid retainers for project-based work. Clients pay a set fee to access talent on demand, allowing for effective budget management as they draw down on retainers. This structure facilitates easy hiring of freelancers without long-term financial commitments. Source also offers various pricing plans tailored to specific project needs and provides a satisfaction guarantee to ensure quality outcomes for clients.The recent Seed funding round in May 2016, which raised USD 1.1 mn, will support Source's growth plans, which include the design of new products and potential geographic expansion. The company aims to enhance its freelance management offerings and plans to target additional markets in Europe and North America within the next 2 years.

## Funding rounds

- Seed, May 20, 2016, $1.1M — 500 Global, G2T3V, Network Ventures, M25, Fulcrum Investing

## Investors

- 500 Global (https://capitalatlas.ai/funds/500-global) — Seed
- G2T3V (https://capitalatlas.ai/funds/g2t3v) — Seed
- Network Ventures (https://capitalatlas.ai/funds/network-ventures) — Seed
- M25 (https://capitalatlas.ai/funds/m25) — Seed
- Fulcrum Investing — Seed