Outdefine Raised $2.5 Million Fundraise

Published on: 15.12.2022

Outdefine, a startup based in San Francisco, announced that it had raised a $2.5 million fundraise to create a decentralized hiring network for web3 talent.

Outdefine has raised $2.5 Million, led by web3 investors TCG Crypto and Jump Crypto, with participation from Big Brain Holdings, Formless Capital, Blocore, Mask Eco Fund, crypto angels, and syndicates.

Introduction

In 2021, 51% of all knowledge workers globally went permanently remote, a shift accelerated by COVID-19. The ability to work remotely enabled talent to work flexibly and provide specialized skills to a variety of companies. In particular, it became apparent that the core ethos of developing in the web3 space is to be part of a community for growth, learning, and earning crypto rewards.

However, the reality is that most of these job opportunities have gatekeepers who take up to 50% of the talents’ salary. Outdefine is addressing that gap by prioritizing talent growth and experience.

On the Solana blockchain, Outdefine is constructing a hiring marketplace backed by tokens. Here, the job description and pay are directly negotiated by the talent, who also receives small rewards. When a talent refers friends, finds work, or gives back to the community, they are rewarded with an Outdefine cryptocurrency token. The token aids in the formation of an equitable partnership between hiring companies, talent, and the market by having the ability to offer rewards, encourage network activity, and promote transparency.

Co-Founder and CEO Romil Verma formerly co-founded a venture-backed company and worked as an engineer at Google. He began his blockchain career at Stanford in 2014 when the overwhelming majority of people were diving into artificial intelligence. Across his various roles, Romil saw that the options available to hire great talent lacked the necessary trust and transparency between companies, talent, and the network. Romil has partnered with Co-Founder and CRO Sanjay Verma. Who served as CXO for several public engineering services companies over the last decade. Sanjay has led such companies through growth, mergers, and geographical expansion while managing 25,000 people globally.

About the Raised Fund

Outdefine raises this round of funding at a trying time for the cryptocurrency market. Therefore, it speaks to the value proposition of the business and the practical uses of cryptocurrency.

The global shortage of technical blockchain talent, according to Jonathan Moore, an investor at TCG Crypto: “Outdefine has developed a unique approach to hiring and incentivizing web3 developers. The funding will use to develop the token and broaden the web3 talent community. TCG Crypto supports Romil and his team in their efforts to address a critical problem for the cryptocurrency industry and boost consumer adoption of blockchain technologies.