Pangea.app, U.S based start-up connecting businesses with students who are looking for experience, has reportedly raised USD 400,000 in a pre-seed round as post-money SAFE from PJC, a venture capital firm based in Boston and Underdog Labs. Previously, the company had raised money from numerous angel investors.
For the record, the company connects remote college freelancers to businesses across the nation. This gives college students resume-building experience and paid work, while businesses are able to complete work that students can help with.
Pangea.app is bridging the gap between students and businesses as most of the businesses are suspicious about adding full-time staff in organizations and students are stuck at home as universities and colleges are closed due to pandemic.
Commenting on the matter, Adam Alpert, Pangea.app’s co-founder and CEO said that presently, there are many students in the nation who have had on-campus jobs and summer internships jobs canceled. The company through this funding will aid students to find opportunities that help them to contribute to businesses while learning, Alpert adds.
As per Alpert, Pangea.app has seen 5 figures of contracts flow with its platform to this date. The company anticipates reaching a gross merchandise volume run rate which is a multiple of its existing size, by summer end.
As per the sources, 60 schools have joined in the last three weeks. Students from around 250 schools are registered in this platform. The company makes money in two ways – first up, it takes a 15% cut of total transaction volume, and secondly, it also charges certain companies a SaaS fee for giving access to its well-analyzed student workers.
It has been speculated that at a time when the venture capital world has slowed down and the national economy is still in a not-so-good situation, Pangea.app decision to raise capital seems to be quite appropriate. The company has raised enough money to operate for around a year without generating revenue.