Spare5 Raises $10M in Series A Funding

spare5Spare5, a Seattle, WA-based platform that allows users to solve big-data business challenges by turning them into micro-tasks people can perform in their spare time for extra cash, raised $10m in Series A round of funding.

The round was led by Foundry Group, Madrona Venture Group and New Enterprise Associates (NEA).

The company intends to use the funds to grow its engineering, design, marketing, community management and customer relationship capabilities.

Customers include e-commerce companies and other organizations with rich digital content needs.

Founded in October 2014 by Matt Bencke, Daryn Nakhuda, Patrick O’Donnell and Matt Shobe, Spare5 lets businesses use people, who spend nearly five hours on their smartphones every day, to do such tasks as image tagging, keyword creation, and unstructured data classification, which usually require human intelligence.
After an incubation within Madrona Venture Labs, the company raised a $3.25M round in November of 2014.



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