Contently's marketplace lets journalists create online
portfolios and profiles for free and provides tools to brands to
find the right journalist for a project, and manage assignment
workflow and payments. Contently pays journalists as soon as a
completed assignment is approved -- a rarity for freelance
journalists who are used to waiting as long as 45 days for payment.
The company takes a cut of what brands pay the writers or editors,
with individual assignments usually ranging between $125 and $350,
Mr. Snow said.
The company has worked with brands such as LinkedIn, Best Buy,
Rackspace, American Express and
Vault.com.
"The promise for the journalists now isn't 'Hey, you can write
for the New York Times,' it's 'Hey, you can write for AmEx," Mr.
Snow said. "Not as glamorous, but it often pays better."
Mr. Snow said the company would use the funds to hire three or
four developers and a sales leader with experience closing deals
with agencies and big brands. The company is also building out its
analytics capabilities to give brands more metrics by which they
can evaluate journalists as well as testing a self-serve platform
to bring smaller brands into the fold.
"Right now we cater to brands with larger scale needs," Mr. Snow
wrote in a follow-up email. "But the future of our platform is a
marketplace that allows smaller brands to easily commission one-off
assignments or campaigns."
Contently was originally looking for $3 million and got a term
sheet for that amount, Mr. Snow said. But the founders decided to
take less money to go with Lightbank, which has experience
investing in and advising online marketplaces such as Zaarly and
Betterfly.
Lightbank saw promise in Contently because of its of commitment
to supporting quality online content amid industry pushback against
content farms that can no longer game Google search as easily as
they could before.
"What we know from our research is that good content can impact
conversion by 25% to 50%," said Paul Lee, a partner at Lightbank.
"What we need to do over the next few years is more formally show
that quality had a direct impact on ROI. Once that direct
relationship is established, the coffers of media companies, in
addition to brands and commerce companies, start opening up
more."
In addition to Mr. Snow, Contently co-founders include Joe
Coleman and David Goldberg.