A Boston startup that connects businesses with freelance consultants and experts has raised nearly $8 million to extend its services to large companies.
"There are hundreds, if not thousands, of projects that a client like General Electric is not able to pursue in the best way," said Peter Maglathlin, co-founder and chief financial officer of HourlyNerd. "What we allow them to do is tap into the global brain of 10,000 consultants in our network and find the right person."
HourlyNerd lets companies submit projects online, where freelance consultants who are experts in various fields compete for the project.
"We're delivering 90 percent of the quality at one-twentieth of the price," said Pat Petitti, co-founder and co-chief executive.
Created out of Harvard exactly two years ago, HourlyNerd has raised $7.8 million from investors including GE Ventures and the Kraft Group. The round of funding was led by Highland Capital Partners, which also led HourlyNerd's last round of funding.
"We've further confirmed the ability of HourlyNerd to disrupt a multi-$100 billion industry that we feel is fundamentally irrational and broken," said Dan Nova, general partner at Highland, which is an HourlyNerd customer. "You've got large enterprises spending hundreds of millions of dollars with large consultants where many of those projects don't need to be addressed by larger consulting organizations."
Billionaire Mark Cuban provided HourlyNerd's $450,000 round of seed funding in 2013.
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