Breef raises a $3.5M funding round led by Greycroft
At a Glance
Breef, dubbed “the world’s first online marketplace,” has been awarded $3.5M in a round spearheaded by Greycroft. Breef makes it easier for companies and agencies to work together. Breef will connect brands with a small number of agencies that match their requirements.
Breef, a developer of ‘the world’s first online marketplace,’ has raised $3.5 million in a funding round led by Greycroft. Other participants include Rackhouse Ventures, The House Fund, John and Helen McBain, Lance Armstrong, and 640 Oxford Ventures. Breef facilitates the transaction between brands and agencies.
Since its founding in 2019 by husband-and-wife co-founders George Raptis and Emily Bibb, the New York and Colorado-based firm has raised a total of $4.5 million in investment. Emily has worked in digital marketing and brand development at businesses such as PopSugar, VSCO, and S’well, while George was a founding member of the finance firm Credible.com.
Both said they had trouble locating services, which they claimed included asking for references and then making a slew of phone calls. There were other instances when their businesses were in desperate need of skill but didn’t require a full-time employee to meet a goal or project milestone.
While outsourcing is not a new concept, Breef’s difference is its capacity to manage complicated projects: a typical individual freelancing job costs less than $1,000 and takes a week or less to complete. Instead, George said, the firm focuses on team-based projects that cost an average of $25,000 and last around six months.
At the core, we are taking the agency online. We are building a platform to streamline a complicated process for outsourcing high-value work and allow users to find, pay for, and work with agencies in days rather than months.Emily Bibb
Brands can create their own brief to express what they want, and Breef will link them with a short selection of agencies that meet their needs. Instead of a one- or two-month search, the firm may now do so in only five days. After experiencing demand — millions of dollars in projects being produced on the platform each month — and some tailwinds from the move to remote work, Emily and George decided to seek venture financing. Many businesses that had previously relied on in-house teams or large agencies have switched to dispersed or smaller groups.
George was introduced to Kevin Novak, the founder of Rackhouse Ventures, through the Australian IT scene. He just created his first fund, which focuses on data-driven companies.
When they were talking to me about what they wanted to do, I got intrigued. I like finding marketplaces where the idea is well understood by the people involved. Looking at the matching problem, Emily and George have found a unique way to find ad agencies that hasn’t existed before.Kevin Novak, the founder of Rackhouse Ventures