It is a cake whose size is constantly increasing: the freelance market (excluding gig economy) amounts to 42 billion euros in France, 355 in Europe and 654 in the United States. Enough to whet the appetite of entrepreneurs who have launched themselves by the dozen in order to create a tool for connecting this population and businesses. Malt, one of them, tries to take the lead with a round of funding of 80 million euros led by the duo Goldman Sachs Growth Equity and Eurazeo, which was already at the helm of the mega-tour of Back Market two weeks ago.
Objective: to broaden the field of intervention. Very focused on the tech professions, the platform had already started a shift in order to offer more skills, details Alexandre Fretti, its CEO: “We are interested in all the professions present in a company. Human resources, legal, all functions are concerned and we want to become a central point for the needs of companies. “
Invest in technology
In the background, the growth in the number of value-added self-employed workers is pushing all the players in the economy to reorganize. Calling on people for a mission raises legal questions, and technology is playing an increasing role in how they can be selected. It is on this double matrix that the promise of Malt is based, who thus wishes to compete with the two giants of the sector, the American Upwork and the Israeli Fiverr, both listed in New York.
“We are going to be able to invest in our product,” says Alexandre Fretti. Our tool is able to select the right profiles and offer them in less than four hours, but we will go further. For example on the onboarding processes of freelancers. All this saves time, which is a very effective lever for convincing companies to call on us. Malt claims to collaborate with 85% of CAC40 groups, but is not limited to this category. With its 250,000 freelancers, it also serves very small businesses, which are also the ideal target to attack new territory.
Open new countries
Internationalization is the other battle that the young shoot wants to lead. Already present in Germany (which its founder Vincent Huguet left to open), Spain and Belgium, it will launch in the Netherlands and Italy in the coming months. “Each time, we can start the activity from France by finding clients among SMEs,” explains the former managing director of Webhelp France. Then we can build a team there and speed up. This dynamic of hyper-growth prevents the start-up from being profitable, but it aims in the long term for an EBITDA close to 30%.
This prospect must have played a role in the choice of the investors who joined the capital of the start-up, even if there is still a long way to go to reach the billion euros in business volume set by Alexandre Fretti for 2024 (200 million euros). in 2020). The notoriety of platforms like Malt is not yet sufficiently developed, and the question of the status of freelancers will change. This is also why the Parisian nugget has reserved 1 million euros to allow them to access its capital when the legal ground will be marked out. By then, Malt believes that the size of the tricolor market is already enough to build a business valued over $ 1 billion.
355 BILLION EUROS
This is the size of the freelance market (for value-added assignments).
A small part of this exercise was intended for the buyback of employee shares. Only 90% of eligible employees have activated this option.