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Online expert database GlobalWonks raised $2 million in seed funding from Japanese business intelligence platform Uzabase in May, bringing its total funding to $3.2 million.
GlobalWonks matches companies such as Amazon and Starbucks with experts to provide them with access to customized insights in real time.
Its core software, Network Pulse, which CEO Cenk Sidar describes as a combination of Quora and LinkedIn, allows businesses to ask specific questions that are then answered by experts selected by an algorithm.
“As the client, you ask the question and you get seven to nine opinions from people who know about the specific question that you ask,” says Sidar. “Then they can schedule a phone call with an expert they choose, or they can engage the expert for a comprehensive report.”
The startup says it is democratizing and digitizing the $130 billion market for consultancy by extending access to the high-quality expertise that Fortune 500 companies receive from management consultancies to smaller enterprises.
The shift to remote work has benefited GlobalWonks, as an increasing number of experts take advantage of the opportunity to work remotely through its platform. In the second quarter of 2020, GlobalWonks said it saw over a 400% surge in the size of its expert network to around 15,000 experts across 190 countries.
“A former BCG or McKinsey consultant, or former economist, that was the elite in a developing country is able to also earn income at the same pay scale in New York, DC, London or Hong Kong or Singapore,” says Sidar, adding that GlobalWonk’s model also works for businesses. “[We help] corporations to cut costs … engaging high-quality experts at a fraction of the costs that they paid in the past.”
GlobalWonks plans to use the latest funding to invest in its tech and build products to take advantage of the shift to remote work post-COVID, ahead of a planned Series A in the first half of 2021.
Sidar says that the new technology will be proactive, rather than reactive, to help businesses deal with uncertainty.
He says: “We want to create a technology, [where] we know what the client will be interested in and what happened in the world, and a combination of this will be something that we will tap and provide them with expert insight within minutes of it happening.”
Here’s an exclusive look at the pitch deck that GlobalWonks used to bring new investors on board:
Source:: Business Insider