HourlyNerd Closes $22M in Series C Funding to Redefine How Talent Finds Opportunity
Capital will fund continued development of HourlyNerd’s proprietary enterprise software solutions and educate the market on the future of flexible business talent
BOSTON – July 5, 2016 – HourlyNerd, the leading technology platform for business expertise, announced today that it has closed on a $22M Series C funding round, led by General Catalyst Partners with participation from Highland Capital Partners, GE Ventures, Mark Cuban, Greylock Partners and Bob Doris of Accanto Partners. This new funding round brings HourlyNerd’s total amount raised to more than $33M.
Global enterprises leverage HourlyNerd’s software solutions to access business expertise and knowledge by connecting with external resources in real time. The company’s proprietary matching algorithm can identify the right expert or boutique firm for a given need in minutes, allowing enterprises to react more nimbly and with far greater efficiency than alternatives. Today, HourlyNerd’s user base has grown into a network of 25,000 business expert suppliers servicing 5,000 companies around the world, including nearly ten percent of the Fortune 1000.
“This is a tipping point for our business,” said Rob Biederman, co-CEO and co-founder. “Top professionals are choosing to be independent: controlling where, when and how they do business. When we started in 2013, we believed that talent should be able to find opportunity in a radically different way. To gather such momentum so quickly has been rewarding and speaks to a massive market opportunity; we’re only scratching the surface. Talented people will gain even more freedom and flexibility in coming years, and we’re excited to help drive that transition.”
“We’re using technology to change the way that companies access elite business talent,” added Patrick Petitti, co-CEO and co-founder. “Our platform provides a level of transparency and flexibility that is traditionally absent from how companies source external talent, and it has generated tremendous value for our customers.”
HourlyNerd’s Series C funding round demonstrates the market’s appetite for a technology-driven approach to talent, one that allows businesses to find the right skills and expertise, no matter where it sits. The funding will be used to further refine the company’s industry-leading software product and to educate the market on the future of work and the need for flexible business talent.
“We are investing to define and grow a category,” said Peter Maglathlin, CFO and co-founder of HourlyNerd. “This raise allows us to accelerate how quickly we can educate our core market about the merits of platforms like ours and the vast improvement they offer versus the status quo.”
“We firmly believe that HourlyNerd is poised to transform how businesses and individuals get things done,” said David Fialkow of General Catalyst Partners. “They have a passionate leadership team and network, and are developing a platform that is changing the nature of how companies access talent – and the market is clearly responding positively to it. We are excited to play a part in the next chapter of their story and to watch their continued growth.”
“As a longstanding investor and partner to HourlyNerd, we’re proud to continue supporting them in their Series C funding,” said Dan Nova, Partner, Highland Capital Partners. “I attribute HourlyNerd’s success to the tenacity of its leadership team and their unique ability to be able to anticipate the demands of their customers and educate the market on the evolution of talent. We believe the future is bright for this team and company.”
“HourlyNerd’s talent network, delivered through its world-class technology, has become an enabling resource for GE. It empowers our employees by giving them streamlined and efficient access to the right expertise, helping us to work smarter and faster,” said Sue Siegel, CEO of GE Ventures and healthymagination.
“Several years ago, I knew the team at HourlyNerd was on to a great idea,” said early investor Mark Cuban. “Companies all of sizes should be tapping into the global brain. In the same way that Amazon Web Services re-defined how companies think about technology, HourlyNerd is redefining how companies engage top talent. I’m excited to continue supporting the team during its Series C.”
In conjunction with the equity raise, the company secured debt funding from Square 1 Bank.
To learn more about HourlyNerd and its services, visit: https://enterprise.hourlynerd.com/.
HourlyNerd provides global enterprises with software solutions to access business expertise on demand. The company’s innovative human capital solution matches top business expertise with enterprises to address needs efficiently and in real time. HourlyNerd has built a global network of nearly 25,000 boutique firms, custom teams, and independent experts, as well as best-in-class software tools for engaging and managing this market. Based in Boston, HourlyNerd serves thousands of enterprise clients, including GE and Pfizer. For more information, visit: https://enterprise.hourlynerd.com/.