Fast-Growing Startup 99designs Could Generate More Revenue This Year Than In Its Entire 4-Year History
99designs, a four-year-old startup that uses its community to create graphics and logos, has grown a lot in the past year.
It has been profitable since 2008 but now revenue has kicked up a notch. Some of 99design's top designers are earning more than $10,000 per month, and the company says it will pay its community $1.5 million in January alone.
For some perspective, that is double what 99design users earned this time last year.
At that rate, 99designs could generate more revenue in 2012 than in its entire four-year history. 99designs has dished out $28 million to its designers to date.
Part of the growth spurt comes from a $35 million Series A round 99Design raised from Accel Partners last April. Prior to that the Melbourne, Australia company was bootstrapped.
To keep up with the growth, 99design's staff has doubled to about 50 people. Today it is announcing two big hires.
Jeff Titterton, formerly of dating site Zoosk, has joined as Chief Marketing Officer. Caroline Moon of AdBrite has joined as Chief Financial Officer.
"99designs has been profitable since its inception – and that isn’t something many CFOs at venture-backed startups can say,” says Moon of her new role. “I’m looking forward to helping the company navigate the road ahead as we shift into our next phase of growth.”
99Designs was founded by Mark Marbottle and Matt Mickiewicz in December, 2007.
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