This platform connecting businesses and self-employed professionals has just raised €33 million from three funds. This series C funding round is designed to accelerate the group’s development and could be followed by external growth operations. Experts from AURIS Finance, a consultancy firm specialising in mergers and acquisitions, explain.
As we enter 2023, the recruitment and temporary employment sector is particularly dynamic. Despite macroeconomic instability, many players have managed to raise significant funding. This is the case of Welcome to the Jungle, which has just completed a €50 million Series C financing round, and Anywr, the French leader in international recruitment that has acquired Solantis, a specialist in the recruitment of top executives in the digital, IT and sales sectors, in January.
A company with a mission since 2020
The shortage of candidates and the difficulty of recruiting talent on a long-term basis are all factors driving the growth of new recruitment solutions. In this context, Brigad stands out with its unique offer: a platform that brings together companies and freelancers in specific sectors. The Group’s ambition is to “give talents the opportunity to regain control of their career and their time” by choosing the work missions that suit them best. Brigad became a “mission company” in 2020, with a roster of 15,000 independent talents who have completed a total of 300,000 missions. Created in 2016, the Group initially specialised in the most tense job market: hospitality. After suffering the full force of the Covid-19 crisis and its lockdowns – a period during which activity was close to zero – Brigad extended its expertise to jobs in the medico-social sector, particularly difficult to fill.
Target: a turnover of 150 million by the end of 2023
The last few years have been crucial for the platform, as it has had to cope with a sharp slowdown in activity. In addition, the drying up of financing made it necessary to postpone a Series C financing operation that had been planned for summer 2022. This has now been completed. To support its development, Brigad has just closed a new Series C financing round of €33 million. For this operation, the platform has enlisted two new investors, Balderton Capital and Wendel Group, alongside its two historical shareholders: Serena Capital and Square Capital. This financing will allow the platform to accelerate its development. The group has published some promising figures. The stated goal is to go from 20,000 to 120,000 completed missions per month by the end of 2024. To achieve this, Brigad will intensify its deployment in the UK and offer its services in other European countries.
Towards an external growth strategy
Internally, the number of employees should reach 400 by the end of this year, compared to 150 today, while the expected business volume is €150 million. Brigad’s valuation is now close to €140 million and the group has strong ambitions. Acquisitions could be considered to accelerate its geographical expansion. With its unique platform model, Brigad competes with traditional players in the temporary employment industry. While platforms that connect freelancers and recruiters are increasingly common in the tech and consulting sectors, they are still relatively underdeveloped in the medical and social sectors.
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Even at a time when funding is drying up, innovative French Tech companies continue to attract investors and receive the financial support they need to achieve their development goals. Experts at AURIS Finance are specialised by sector. Our team dedicated to recruitment and temporary employment agencies will help you achieve your objectives in any area: sale, fundraising, identifying of target companies.
