Catalant raises $35 million in Series E funding round

04 February 2020 Consulting.us

Catalant Technologies, a Boston-based software and consultant matching firm, has secured $35 million in additional funding in its Series E equity round. The company will use the funds to scale its product offering and expand into new global markets.

The round was led by Goldfinch Partners, and featured new investments from Anheuser-Busch InBev’s ZX Ventures, Salesforce Ventures, and SJF Ventures. There were also follow-on investments from GE Ventures, former Bain Capital managing director Mark Nunnelly, and Mark Cuban. The round brings Catalant’s total equity and debt funding to over $100 million.

The firm’s earlier Series D funding round in 2017 raised $41 million and brought its total financing to $73 million.

"We're thrilled to lead this round of investment in Catalant," said Bill McNichols, managing partner and co-founder of Goldfinch Partners. "We invest in companies and founders who are changing the way the world works, and Catalant exemplifies that. No other software delivers the same level of visibility into work happening inside companies, the value driven by the work, who's actually doing the work, and whether the people doing the work are engaged and productive."

Catalant raises $35 million in Series E funding round

The company was founded in 2013 as HourlyNerd, an online marketplace for independent consultants. The firm subsequently rebranded to Catalant, and began rolling out software and services for work planning, resource management, and insights and reporting. The Catalant platform helps businesses organize mission-critical work, access and deploy internal and external resources, and then measure the work’s speed and impact. The platform has built-in access to more than 65,000 independent experts and 1,000 boutique consulting firms.

Companies typically partner with Catalant to enable strategic plan execution, organizational redesigns, and post-merger integrations, among other challenges.

"Catalant helps provide operational clarity and faster, more effective allocation of the right resources to critical work that helps us grow and better serve our customers," said David Almeida, chief people and transformation officer of Anheuser-Busch InBev, an early Catalant customer that helped refine the startup’s strategic roadmap and product offerings.

According to Catalant, some of the firm’s largest clients were using its software not only to find strategic talent, but to execute their most important initiatives, so the firm decided to invest in that vision.

"We're fortunate that our evolution has been driven by partnering with many of the world's biggest brands on some of their most defining, difficult work," said Pat Petitti, co-founder and co-CEO of Catalant.

The company has worked with 30% of the Fortune 100 so far. Gartner recently named Catalant a “Cool Vendor” that transforms talent to drive the digital workplace.

The Boston-based firm expanded into London in 2018, and then opened a location in Rochester, NY in 2019.


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