Freelance marketplace Malt raises $97m to support European growth

COVID-19 has fundamental disrupted the way we all work and accelerated the digital transformation that was already underway.

Paris-headquartered freelance consulting marketplace Malt believes that to continue to derive benefits from this digital transformation, companies will increasingly rely on outsourcing elements of their projects to external consultants and freelance technical talent. This is particularly pertinent since studies show that COVID-19 has highlighted and broadened employers’ digital skill gaps.

To this end, Malt has raised €80 million ($97 million) from Goldman Sachs Growth Equity and Eurozea, as well as existing investors Isai and Serena. According to TechCrunch, this brings its valuation to €400 million ($498 million).

The funding will be used to further develop Malt’s digital freelance marketplace which connects freelance consultants, developers, designers, and others with technical skills, with employers in need of short and medium-term support.

In addition, Malt wants to continue to expand its freelance business to more markets. The platform is currently available in France, Germany, and Spain – where it claims it has connected 250,000 freelancers and 30,000 employers – but now it wants to move into the UK, as well as the Benelux countries.

In the future, the company also has ambitions to expand into the US.

Malt CEO and co-founder Vincent Huguet commented: “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.”

In an interview with TechCrunch, Huguet added: “We are going after those who charge a few hundred dollars per day and connecting them with mid-and large-sized companies.”

He continued: “You search for a specific freelancer as the employer. You don’t post a specific task for freelancers to respond.”

Goldman Sachs Growth Equity executive director Alexandre Flavier noted: “We are delighted to support Malt to build the leading freelance marketplace in Europe.

“Malt is at the forefront of the future of work, promoting agility, innovation, impact, freedom of choice, making freelancing simpler and more reliable.

“We are excited to partner with Malt’s founders, empower their community of highly skilled freelancers, and give companies access to the world’s best freelance talents.”