Distributed secures £5m Series A to support growth plans
On-demand software talent and and Elastic Teams startup Distributed has secured £5m in a Series A funding round led by Guinness Asset Management.
The company also drew further investment from its Seed investor, Fuel Ventures, and other high-profile industry leaders, Filippo Sarti and Andreas Mihalovits, bringing its total funding to date to over £9m.
Distributed is a fast-growing UK startup that is enabling the adoption of on-demand and Elastic Teams by the Enterprise and public sector. The company’s proprietary technology allows businesses to harness the power of a globally distributed workforce without shouldering the time and cost burdens of recruitment, management, or retention. This ensures that businesses’ digital roadmaps are delivered faster and to a higher standard than ever before.
This additional funding follows the company’s £4.1m Seed funding and 5X growth in 2020, and the team is projecting similar growth this year.
The funding also comes after Distributed announced a landmark partnership with Capita plc in 2020. This has seen the company support Capita’s digital transformation and has accelerated the adoption of Distributed’s Elastic Teams™ across Capita’s network of Enterprise customers.
This funding will support Distributed’s continued rapid growth and enable the company to scale its operations and platform features to improve customer experience in the face of rapidly increasing demand for freelance workers.
Callum Adamson, CEO and Co-founder of Distributed, says: “The workforce of the future is on-demand, adaptive, and independent. Distributed is here to enable those independent careers with more benefits than permanent employment, and to ensure that our customers can access high quality, motivated talent effortlessly with our enabling technology. This will see businesses building with smaller, more specialised core teams, supported by an Elastic Teams™️ of experts that can be deployed to tackle any software goal in support of our customer’s missions.”
“This funding round helps us to continue to rebuild work and re-tell its story. It represents a better way to build for our customers, and a brighter future for those pursuing independent careers in the tech industry. I could not be more grateful for the trust and support our customers and Elastic Team™ have shown us over the past couple of years and we are very excited to continue this journey together.”
Ashley Abrahams, Fund Manager at Guinness Asset Management, adds: “Guinness is very happy to be supporting Distributed during this time of industry disruption. The pandemic has made the future of work a reality and startups like Distributed are supporting the significant transformation and re-organisation that many businesses are undertaking. We are excited to support the Distributed team as they work to give businesses access to the world’s best talent at an affordable price, all whilst giving freelancers access to more interesting work and the opportunity to build better careers.”