The freelancing market in Europe is valued at €300 billion. 100,000 freelancers are already using the platform, and are connected with 15,000 steady clients (and 75% of the CAC 40 companies)
Malt, the largest digital industry focused freelance matchmaking platform in France is closing its third round of funding. The company obtained €25 million from the round leader Idinvest Partners, and its historical investors: ISAI and Serena.
Malt has raised a total of €32 million since its creation, and has become an attractive alternative to traditional IT consulting firms in the digital industry like IT services, NGE, etc.
With this new round of funding, Malt will be able to intensify its development in Europe (Germany, the Netherlands, etc.) and its work with large corporations.
Counting this latest round of funding, Malt has raised €32 million since Vincent Huguet and Hugo Lassiège created the company in 2014. This new round of investment lets Malt:
- Anchor its position as a leader in France and confirm its success in Spain, where 10,000 freelancers registered during the first year of activity
- Accelerate its entry into new markets, especially in 2019 with new offices in Germany and in the Netherlands
- Intensify the roll-out of Malt’s key accounts’ strategy to create a direct pipeline between freelance talent and large corporations.
Malt has a very clear 5-year plan: become the European leader of freelance-corporation matchmaking, have offices in several European countries, and generate over €1 billion in revenue for its community of freelancers.
“Idinvest is thrilled to be joining the Malt adventure, and to be helping the company further develop its business in France and Europe. The company has the potential for a strong growth trajectory:
- a tremendously large and dynamic market: IT service purchases are one of the biggest cost items for large corporations, and companies are looking for very specific and rare skills, which freelancers bring to the table
- a major change in the labor market: the proportion of freelance digital workers has been steadily increasing, which is a testament of the growing attractiveness of being an independent expert vs. a salaried employee. Malt knows how to help this new generation of workers with relevant tools, a powerful product, and a community.
- And above all else, a team that has showcased an ability to deliver, and a strong ambition since its early stages.”
Nicolas Debock, Managing Director, Idinvest Partners
“Malt’s mission is to “free talent”. We’re happy that we’re already facilitating work between 100,000 freelancers and 15,000 clients. Thanks to this new capital influx, we’ll be able to go even further: carry our product and vision abroad, and intensify the roll-out of the Malt strategy, especially with key accounts.
We believe the gigantic B2B staffing market has only just started its transformation, but we’ve reached a tipping point where the best experts are now freelancers. Companies must adapt to this new reality in a context in which talent is hard to come by. Their capacity to innovate relies on it”
Vincent Huguet, CEO & co-founder, Malt
Malt France’s largest community of freelancers working in the digital economy
Malt was born from a strong ambition: to transform the intellectual service industry (IT services, brokers, agencies, etc.) with an open platform model, providing accountability, and a community for freelancers. With Malt, freelancers can make a reputation for themselves thanks to the reviews they get from their customers upon finishing their assignment.
The platform provides solutions to major obstacles preventing an ever-growing population of experts from exploiting their talent: there are about 930,000 freelancers in France today (Q3 2018, vs 830,000 in early 2017). Thanks to Malt, freelancers finally have access to the financial stability and simplified admin procedures they deserve. The company has met their most pressing needs: finding assignments, avoiding unpaid invoices, and not having to chase after clients to receive payment. Indeed, once the assignment is completed and confirmed by the client, payment is made within 48 hours. You don’t need a subscription to use Malt’s services: freelancers don’t have to pay to have a profile or get promoted on the platform. This model remains popular with freelancers : over 3,500 new workers register on Malt each month.
In addition to helping them find assignments, Malt contributes to improving the perception freelancers have of their position as independent workers. By securing partnership deals with top notch players in their own fields, Malt shows its eagerness to go above and beyond in providing protection and support to the freelancers registered on its platform:
Access to the first ever freelancer specific contingency fund made by Malt and Axa: a plan currently being launched, fully available online, and created to protect and insure them if anything happens to them: sick leave, permanent disability, or death.
Sésame : a pool of tailor-made services to meet all the freelancers’ needs (banking, health insurance, accounting, coworking, etc.)
- Free and unlimited access to training with OpenClassrooms
Malt facilitates corporate transition towards the future of work
Malt enables corporate freelance collaboration. Anyone with a project can get directly in touch with a freelancer, and pick the people that best fit their needs (rates, skills, availability to work in their offices, or preference for remote work) among the 100,000 freelancers registered on the platform. They can easily search for people using the powerful matching algorithm backed search engine, and reviews given by former clients.
The platform is already used by 15,000 companies who trust the Malt expertise and frequently work with freelancers. Among which are GRTgaz, Essilor, Accorhotels, Société Générale, EDF, le Bon Coin, BlablaCar…
Considering the deep digital transformation the corporate landscape is going through, companies are increasingly turning to outsourced experts in industries marked by talent shortages and high value add: Data Science, DevOps, Machine Learning… A true revolution in the work and collaboration habits, on which Malt is betting: 75% of all CAC 40 companies already work with freelancers via Malt. When using Malt, clients seek a wide range of services going from short and well-defined expert assignments, all the way to several months-long consulting projects.
To meet the specific needs of large corporations, Malt offers dedicated services via the Malt Corporate offer, providing help in sourcing talent and a more thorough support throughout the assignments (personalized agreements, longer payment terms – 45 days – …). This service provides solutions to ease freelance work management for large corporations, while providing a secure framework for the freelancer.
More specifically, Malt has a dedicated team supporting key accounts to help them roll-out Malt’s solution within their own company.
Late 2018, in an effort to further its role as a corporate transition facilitator, Malt launched the first freelance resource management tool, which is entirely dedicated to large corporations, and integrated with our platform: Malt Insights. It is now easy for any employee of a large corporation who uses freelance work to gain insights and manage commercial relationships with one single tool: spending, legal documents, activity summary, etc. are all in one place.
To best fulfill Malt’s new developments, the team will grow from about a hundred employees distributed among our Paris, Lyon, and Madrid offices, to 200 employees by the end of 2019.