Malt raises funding of €80 million euros
Written by Finbarr Toesland Tue 1 Jun 2021
Start-up freelance marketplace Malt raises €80 million euros in order to support growth strategy and enter new markets.
A new funding round, led by Goldman Sachs Growth Equity and Eurazeo, has valued the European freelance consulting marketplace Malt at €489 million euros. The consulting marketplace offered by Malt matches leading freelance talent with enterprises, with the start-up dealing with everything from issuing a brief to payment.
According to Malt, the freelance consulting market in Europe is estimated to total €350 billion euros. Malt is expected to use this funding to support its extensive growth strategy that will see the company enter new countries, invest more in its technology platform and become a leading player in the global freelance consulting sector.
Before the pandemic, Malt had a strong market share in France, Spain and Germany, with their presence in these countries only growing as we begin to enter a post-pandemic landscape.
With over six million freelance consultants, and growing, living in Europe, Malt hopes to capitalise on the post-COVID job market and increase their user base. The firm is set to see revenues grow by 100% in 2021, in part due to the widespread shift to remote working over the past year. There are currently over 250,000 freelancers who use the Malt platform and the company is on course to reach €1 billion in revenue by 2024.
“At Malt, our goal is to give companies direct access to a pool of the most qualified and talented freelancers in the world, those who can help them take their businesses to the next level. This latest round of funding underscores the power of both Malt’s business model and our dedicated community of freelancers, and we are pleased to have Eurazeo and Goldman Sachs join our historical investors, Isai and Serena, to support our ambitions,” says Vincent Huguet, CEO and co-founder at Malt.