Muckrack raises $180M, Elly Health Co-Founder Cecilia Anderson + OK Boomer | E1556 | Summary and Q&A

TL;DR

Contra offers commission-free platform for freelance work with tailored features and collaboration tools.

Key Insights

• 🥶 Contra is revolutionizing the freelance industry by providing a commission-free platform for freelancers to connect and collaborate.
• 🏛️ The platform offers automated contract creation, upfront payments, and portfolio building tools to enhance freelancers' experience.

Transcript

hey everybody welcome to another amazing Friday variety show first up we've got some news from the startup world muckrack has raised 180 million dollar series a then Molly's gonna interview another amazing founder from our accelerator and finally since it's Friday it's time for okay Boomer stick with us this week in startups is brought to you by in... Read More

Questions & Answers

Q: What inspired the creation of Contra, and how does it cater to the needs of freelancers?

Ben Hoffman, the CEO of Contra, was inspired by his personal struggles as a freelancer and the need for a platform like Contra to offer commission-free opportunities for freelancers to thrive. The platform addresses common freelancing challenges such as contract management, upfront payments, and portfolio building.

Q: How does Contra differentiate itself from other freelance platforms like Upwork and Fiverr?

Contra distinguishes itself by not charging any commissions to freelancers, making it an attractive platform for both freelancers and clients. Additionally, Contra automates contract creation, streamlines payment processes, and provides a comprehensive portfolio building tool, enhancing the overall freelancing experience.

Q: What future features can users expect from Contra, and how will it adapt to the evolving freelance landscape?

Contra plans to introduce subscription-based services for enhanced portfolio building, custom branding options, and improved invoicing and proposal features. By offering a comprehensive suite of tools tailored to freelancers' needs, Contra aims to stay ahead of the curve in the fast-evolving freelance industry.

Q: How does Contra address the issue of delayed payments and improve the financial stability of freelancers?

Contra safeguards freelancers' payments by requiring upfront deposits from clients before starting a project, ensuring prompt payment upon completion. This streamlined payment process reduces the risk of delayed payments and financial instability for freelancers, promoting a more secure and reliable freelance environment.

Summary

In this video, they discuss news from the startup world, including Muck Rack raising a $180 million series A funding round. They also interview Ben Huffman, the CEO of Contra, a platform that offers commission-free hiring for freelancers. Finally, they have their "Okay Boomer" segment, where they speak with Ben about his company and its mission to support freelancers.

Questions & Answers

Q: Can you explain the importance of having insurance for startups?

Business insurance, specifically errors and omissions (E&O) insurance, is crucial for startups. It helps secure important types of insurance at a lower cost and with less hassle. Having E&O insurance is often required by major customers, and not having it can hinder closing deals. In Brokers offers a startup insurance program that makes it easier for startups to obtain the necessary insurance coverage.

Q: How did Muck Rack raise such a significant amount of funding?

Muck Rack raised $180 million in a series A funding round. It is considered one of the largest growth equity investments in PR tech. The company provides a database for PR departments and comms departments to manage their relationships with journalists and content creators. Muck Rack's success can be attributed to its unique approach to the market, offering a database that empowers journalists to control their profiles and opt-in to receive relevant pitches.

Q: What other database businesses are in a similar space as Muck Rack?

Cision was one of the companies in the PR database space, but it was considered a bad player due to its practices of adding people to its database without their consent. Muck Rack differentiated itself by providing opt-in functionality and giving journalists control over their profiles. Other potential database businesses include those focused on databases of advertisers, helping entrepreneurs connect with potential clients and streamline communication.

Q: How does Work OS help enterprise apps become enterprise-ready?

Work OS is a developer platform that allows apps to quickly add common enterprise features such as single sign-on (SSO) and multi-factor authentication (MFA). By using the simple APIs provided by Work OS, developers can make their apps more secure and compliant with enterprise standards. It saves time and money compared to building these features from scratch. Work OS offers a cost-effective solution for startups looking to make their apps enterprise-ready.

Q: What is Ellie Health and how does it support people impacted by chronic conditions?

Ellie Health is a digital health startup that provides an empathetic audio companion for people impacted by chronic conditions. The platform offers short audio clips, including meditations, exercises, and disease education, tailored to over 50 chronic conditions. The goal is to help patients improve their quality of life and treatment adherence. Ellie Health partners with life science companies and licenses its platform to them, providing custom content and data insights.

Q: How does Ellie Health make money?

Ellie Health primarily makes money through licensing its platform to life science companies. They create custom content for patients on specific medications or disease conditions, helping them understand their diagnosis, medication usage, and providing support for lifestyle challenges. Additionally, Ellie Health offers a data license, allowing life science companies to access insights on patient struggles and side effects to develop targeted resources.

Q: How does Contra differentiate itself from other freelance platforms like Upwork and Fiverr?

Contra is a commission-free platform for hiring freelancers and independent workers. Unlike Upwork and Fiverr, which charge a percentage of the transaction value, Contra does not take any fees from freelancers. Contra aims to enable anyone to work for themselves by providing a platform similar to Shopify for freelancers. It offers a community-oriented approach and handles contracts and payment processing within the platform.

Q: What are Contra's plans for growth and reaching larger revenue milestones?

Contra plans to land and expand by partnering with life science companies to offer more features and services. They currently cover over 50 chronic conditions and aim to upsell existing content to a broader range of therapeutic brands. By demonstrating success with one business unit under a company like J&J, they can expand their services to other units within the company. This approach allows Contra to reach larger revenue milestones and scale their platform to different disease conditions and industries in the future.

Q: How did Ben Huffman start Contra and what inspired him to create the platform?

Ben Huffman started Contra after noticing the trend of more people engaging in contract work and freelancing. He saw the need for a platform that would enable individuals to work for themselves and provide support for remote workers in creative fields. Ben recognized the limitations and fees imposed by existing platforms like Upwork and Fiverr, which primarily catered to clients. Contra emerged as a solution to empower freelancers by offering a commission-free approach and an inclusive community.

Q: How does Contra address the challenges freelancers faced with other platforms?

Contra aims to solve the challenges freelancers face with platforms like Upwork and Fiverr by offering a commission-free model. Freelancers can use Contra without paying any fees, allowing them to keep more of their earnings. Contra also provides features like contracts and payment processing within the platform, streamlining the freelance process. By eliminating transaction fees and offering a supportive community, Contra provides a better experience for freelancers.

Q: Are there any plans for Contra to add social aspects or collaboration features to the platform?

Currently, Contra does not have social aspects or collaboration features within the platform. The focus is on providing a one-way interaction that allows freelancers to delve into topics that might be challenging to openly discuss. However, Contra is open to exploring social aspects and collaboration in the future to enhance the platform's offerings and further support freelancers.

Takeaways

Muck Rack's success in raising a significant funding round highlights the value of database businesses that address specific industry needs. Contra's commission-free model and community-oriented approach make it a favorable platform for freelancers. Ellie Health's empathetic audio companion for chronic conditions offers personalized support and education to patients. Work OS provides a developer platform to make apps enterprise-ready with essential features like SSO and MFA. Overall, these companies showcase the importance of addressing specific market needs while providing value and support to their users.

Summary & Key Takeaways

• Contra is a platform providing a commission-free space for various freelancers to connect and work together on projects.

• The platform offers an easy-to-use interface for managing projects, contracts, payments, and a portfolio, making it easier for freelancers to showcase their skills.

• With features like automated contracts, upfront payments, and a community of startups and small businesses, Contra is revolutionizing the way freelance work is conducted.