New strategic funding round includes existing investors and new Institutional Investor
Torchlite, the platform for finding and managing on-demand digital marketing talent, announced today it attracted $3 million in funding to expand its tech-enabled network of digital marketing freelancers. The funding round includes funding from existing investors, including Scott McCorkle, a technology investor and advisor, and new investor Salesforce Ventures.
“Torchlite was created to enable every company to unlock the value of its marketing technology by making it simple to manage highly sought after certified freelance digital marketing experts, ” said Susan Marshall, Torchlite’s Founder and Chief Executive Officer. “We are excited to welcome Salesforce Ventures as an investor.”
We asked Susan about her plans to use the new capital. Susan replied, “The $3 million in funding that we raised in this latest round will be used to expand our marketplace of digital experts. The investment will accelerate development of Torchlite’s platform, allowing organizations to access, engage and manage private communities of on-demand, digital marketing experts. It will also provide an enterprise-level SaaS platform for onboarding freelancers, tracking profiles, managing capacity and consolidating payment.”
Torchlite’s platform provides large organizations with a private marketplace of pre-approved, on-demand experts, from technical architects to content creators and writers — assembled to meet the needs of the enterprise. By accessing their own network of specialists, businesses can extend their marketing teams, fill critical gaps and transform their digital marketing.
“Torchlite’s on-demand freelance approach empowers us to swiftly flex to meet the demands in our marketplace,” said Carole Casto, Vice President, Marketing and Communications at Cummins Inc. “The ability to access a pre-approved roster of creative experts provides tremendous value as we plan and execute our digital marketing strategy.”
According to Forrester Consulting, 66% of business leaders say that the primary barrier to long-term success is talent, and only 3% of marketers feel that they are getting the full value of their Marketing Technology.
“As digital marketing becomes increasingly specialized, many companies are turning to on-demand, independent consultants to fill gaps on their teams,” Marshall said.
Edelman Research reports that over half of the workforce is expected to be freelance in the next ten years, and 57% of companies are using freelancers regularly.**
Since its launch in late 2015, Torchlite has raised a total of $5.5 Million, doubled revenue from 2016 to 2017, demonstrating a massive need in the market for certified experts and a more effective way to manage those resources to build complex digital marketing campaigns.