HourlyNerd raises $22M, plans software and product development

Boston-based online platform, HourlyNerd which connects freelance business management consultants and enterprises has raised $22 million in a Series C funding round. The round was led by General Catalyst Partners with participation from Highland Capital Partners including existing partners, GE Ventures and Greylock Partners. Mark Cuban, owner of Dallas Mavericks and Bob Doris of Accanto Partners also participated in the investment round. According to HourlyNerd, the fresh flow of funds, will be utilized to strengthen its software advances along with product development. The company aims to educate the market on the future of work and the need for flexible business talent. Rob Biederman, Co-CEO and Co-Founder, HourlyNerd, said:
Top professionals are choosing to be independent: controlling where, when and how they do business. we believe 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. This is a tipping point for our business.
HourlyNerd claims to use a proprietary matching algorithm that can identify the right expert or boutique firm for a given need in minutes, allowing enterprises more time to drive efficiency. Posing as a talent marketplace for enterprises, it covers project assistance for researching a market, starting, managing and raising capital for business. Enterprises can also leverage HourlyNerd’s software solutions to avail consulting on selling off a venture. Patrick Petitti, Co-CEO and Co-founder, HourlyNerd, believes that companies can source external business talent and save time with their platform. Also, the size of the companies will hardly affect the solutions. Albeit, it aims to target enterprise grade challenges with its Enterprise suite that offers SaaS product to track and manage a company’s on-demand work. David Fialkow, General Catalyst Partners, said:
“We firmly believe that HourlyNerd is poised to transform how businesses and individuals get things done. 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.”
Founded in 2013, HourlyNerd has participated in 4 rounds of funding and claims to have raised a total $34.6 Million. In its last funding round held on February 14, 2015, the company raised $7.8 million by GE Ventures and Greylock Partners. It also boasts of a talent pool of over 25,000 business experts to connect and contract freelancers for 5,000 companies including Pfizer, Staples and Microsoft.

Abhinav Mohapatra

An author who has a keen interest for the ‘off-beat’ <!--more-->An author who has a keen interest for the ‘off-beat’, he has covered and explored multiple facets of the marketing, advertising

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