Freelance platform Malt sets sights on €1 billion by 2024

23 June 2023 2 min. read

Freelance marketplace Malt has in the past 10 years grown to become Europe's largest freelancer community. Now the company wants to go even higher and more than double their income in the coming two years.

Malt is currently home to over 500,000 freelancers, working in fields like management consulting, app development, content, and creative fields. The marketplace operates from offices in eight European cities including Paris, Munich, Madrid, Amsterdam, Barcelona, and Brussels.

Last year, Malt saw impressive 100% year-on-year growth to propel its turnover to more than €400 million. The company however aims to become the epicenter of Europe’s freelance revolution, and push on to reach €1 billion by the end of 2024.

Freelance platform Malt sets sights on €1 billion by 2024

Founded in 2013 in Paris, Malt acquired freelance consulting marketplace Comatch last year, which set the stage for Malt to expand in the high-end segment for strategy and management consultants. Comatch was created in 2014 by Christoph Hardt and Jan Schächtele, both ex-consultants with McKinsey, who saw the potential for a freelance marketplace for experienced management consultants that work independently.

“When we founded Malt, the market was heavily dominated by recruitment agencies who tended to prioritise their clients above everything else. On the contrary, we wanted to treat freelancers as stakeholders from the outset, helping them to find new clients and making sure their payments are secure. This is how Malt developed as a community-focused marketplace,” said Vincent Huguet, co-founder and co-CEO of Malt.

From humble beginnings with just a single employee, Malt has since become a thriving scaleup with 600 employees across its eight countries. Profits are generated mainly from a fee of up to 10% on the jobs that freelancers complete.

“Malt has really helped me build my freelance business. Through it I quickly gained several projects, built a network of fellow freelancers, and gained confidence in myself and my relationships with clients,” said Marion Giraudon, an independent digital strategy expert.

The goal of reaching a turnover of €1 billion, though ambitious, appears wholly achievable thanks to the backing of a number of investors, providing financial muscle for deals such as that of Comatch – which added 150 new roles to Malt’s operations and expanded its geographic presence.

“The acquisition sends a strong signal of Malt’s place in the ecosystem at a time of tremendous growth in the European freelance market, currently valued at €355 billion,” said Malt in a statement.

Though the freelance community was hit particularly hard by the economic instability caused by Covid-19, with around 67% of freelancers reporting a negative impact on their businesses, the sector is now again on the rise. Signaling the upwards sentiment, Comatch reported strong growth as it emerged from the pandemic.