Digital talent marketplace secures £800k funding as freelance consulting project sector booms

London, Thursday 4 April 2013 – The digital talent marketplace MBA & Company today announced that it has secured £800k funding, led by MMC Ventures – with co-investment from Piton Capital, and existing investor Cabiedes. In addition, MBA & Co has announced two key apointments: David Kelly, formerly COO of eBay and Lastminute.com, as Chairman; and Aleksi Asikainan, the founder of Madbid.com, as CTO.

MBA & Company provides both corporates and SMBs with instant access to high-end advisory and research work, through an online network of highly qualified freelance consultants. Access to this network significantly reduces the cost of projects, typically sourced through traditional consultancies or recruited in-house, as well as providing a flexible source of talent to work onsite or around the globe.  Founded in 2009 by Daniel Callaghan and Adam Riccoboni, both 31, the digital marketplace has attracted over 16,000 independent professionals, each with at least five years’ professional experience plus an MBA, MSc or PhD from a world leading business school, from more than 100 countries.  Clients vary from individual entrepreneurs and start-ups to FTSE 100 or Fortune 500 businesses in more than 50 countries and spanning 40 industries – with projects costs ranging from £100 to £250,000+.  The site operates a curated consultant selection process to ensure only the most applicable are selected for a project, resulting in over 98% of projects being rated as successful by the client.

MBA & Company’s online distribution model, virtual network, elevated entry criteria for consultants and ‘pay as you go’ service ensures zero wastage for companies and a lean cost structure without having to sacrifice quality.  The new investment will be used to enhance the platform and grow sales and marketing.

Daniel Callaghan, CEO of MBA & Company, said, “Due to the low-cost nature and flexibility of our model, even small or mid-sized companies can access the same brain power and market intelligence as the most elite firms worldwide.  This is a market with significant potential and we are delighted that MMC, Piton and Cabiedes agree.   I’d like to personally welcome David and Aleksi  to the business.  In his capacity as Chairman, we look forward to utilizing David’s substantial expertise in scaling operations and driving sales.  As CTO, Aleksi’s experience will be invaluable to us as we invest in enhancing our clients’ user experience.”

Jon Coker, director of MMC Ventures, said, “The way that companies access and employ talent is changing and we believe MBA & Company’s focus on high-end consultancy is well positioned to benefit from this trend. We have been very impressed by the growth they have shown to date and see huge potential for further international expansion. We look forward to working with Daniel, Adam, David and Aleksi as they continue to grow.”

Pradeep Raman, Director of Piton Capital, said, “MBA & Company makes it simple for freelance consultants to get project work and choose the projects and clients they wish to work for. Likewise clients benefit from flexible scope and tailored services"

– ENDS –

Notes To Editors

About MBA & Company:

MBA & Company, was founded in 2009, was developed in order to help small businesses utilise a highly skilled and more flexible workforce for whatever project work they had in a much more cost effective and flexible manner than previously possible.

It soon became apparent, that the service was also attractive to large companies who needed ad hoc resources to deliver research projects or commercial analysis that required a high level of brain power but were not loarge enough to merit a full agency engagment or consultancy team.

The business has since been recognised amongst the highest potential in Europe being named as a UK Start Up Award Winner, a hot 100 start up for several years, A Red Herring Europe Top 100 finalist, A Real Business Future 50 Top 10 Judges Pick and most recently a New York City Venture Fellow as selected by Mayor Bloomberg, Fred Wilson and Sir Martin Sorrell.

The founders, Daniel Callaghan and Adam Riccoboni, first met at school aged eleven and, as well as building MBA & Company together, have also co-authored several business books.

www.mbaco.com

About MMC Ventures:

Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader - particularly financial and business services, business software, digital media and e-commerce.  With circa £90 million under management, MMC invests £10–15 million per annum in a combination of new investments and add-on capital for existing portfolio companies.  MMC specialises in fast-growth early-stage businesses, partnering with entrepreneurs and impressive management teams to achieve substantial scale and profitability. 

MMC’s existing portfolio includes AlexandAlexa, Base79, Interactive Investor, Knowledge Mill, LoveHomeSwap, Reevoo, The Practice, NewVoiceMedia, Tyres on the Drive, Masabi, Consilium, Safeguard, Creativity, iJento, Neoss, Breathing Buildings and Small World.

 

www.mmcventures.com