CloudFactory’s response to a request from the Rockefeller Foundation for proposals that it would consider for “impact sourcing” impact led to a decision of the group to back the startup with $2 million.
The investment was disclosed Friday.
The foundation is backing CloudFactory with $2 million in venture debt, a spokesperson for CloudFactory tells WRAL TechWire.
So how did the funding come about?
“The Rockefeller Foundation invited CloudFactory to participate as an industry expert in furthering the idea and opportunity for ‘impact sourcing,’ using the sourcing of work to also create social good,” the spokesperson explains.
“Through that collaboration the investment happened naturally after seeing CloudFactory’s growing traction and alignment with their Digital Jobs Africa initiative.”
The funds are to be invested in product expansion for CloudFactory’s video and audio transcription technology, he adds.
“The investment is not being used to hire additional workers but is focused on expanding CloudFactory’s SpeakerText product line of Audio and Video Transcription … which will result in growth of the workforce in Kenya and beyond.”
CloudFactory bases its sales and marketing operations in Durham.
The company touts its service, which it bought in 2012, is “fast and accurate.”
For more details, read our earlier story.