quick take:

• Outdefine is building a decentralized community marketplace to connect web3 talent with employers.
• San Francisco-based startup web3 also announced a $2.5 million funding round co-led by TCG Crypto and Jump Crypto.
• Big Brain Holdings, Formless Capital, Blocore and Mask Eco Fund also participated in the round.

Web3 startup Outdefine has raised $2.5 million in a round led by TCG Crypto and Jump Crypto. The fundraiser also drew participation from Big Brain Holdings, Formless Capital, Blocore and the Mask Eco Fund.

The San Francisco-based company is building a token-backed recruitment marketplace for web3 talent. The team behind Outdefine was inspired by the events that took place during the pandemic. Much of the world’s working class switched corporate offices to home offices, and a good number of those who left remotely have not returned to the office.

Gartner estimates that number to be around 51%, based on a report published in June 2022.

By the way, that was also the time when web3 adoption accelerated, peaking in 2021 and early 2022. Artists and brands looking for alternative forms helped with the onboarding of users to web3 marketplaces. Since then, non-fungible tokens (NFTs) have become an alternative source of income for many brands.

Subsequently, the need for web3 talent has increased. But Outdefine argues that most job opportunities on offer have “gatekeepers” who often receive a cut of up to 50% of the salary paid to web3 talent.

Its token-backed trading marketplace is built on the Solana blockchain, a Layer 1 platform that uses proof-of-stake mechanisms to execute transactions.

The marketplace provides web3 talent with a platform to negotiate the scope and compensation of their work, which is paid in tokens. They can also increase their income by referring new users to the Outdefine marketplace to receive the platform’s native token as a reward.

“With its ability to offer rewards, incentivize network activity, and promote transparency, the token helps recruiting firms, talent, and the marketplace form a fair partnership,” the company wrote in a press release on Friday. .

Outdefine is led by a team with a strong background in software engineering. “Co-founder and CEO Romil Verma previously worked at Google as an engineer, while co-founder and CRO Sanjay Verma served as CXO for several public engineering services companies,” the press release read.

Commenting on his company’s investment in Outdefine, Jonathan Moore, an investor at TCG Crypto, said: “Outdefine has created a unique approach to hiring and incentivizing web3 developers, one that we believe will help solve the global shortage of technical talent. on blockchain. TCG Crypto is pleased to support Romil and his team in their efforts to solve a critical problem for the cryptocurrency industry and increase consumer adoption of blockchain technologies.”

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