Remote work is more popular than ever, with many companies moving towards a completely remote or hybrid workplace. But global talent is not always accessible. Enter Velocity Global, which can help people hire, manage and pay talented people around the world on one platform. Find out how Velocity helps companies hire global talent and find success from anywhere in the article below.
DENVER, May 18, 2022 – Velocity Global, the leading provider of global talent management solutions, today announced that it has raised $400 million in its Series B funding round, increasing the company’s valuation sevenfold. business since the same period last year.
This second funding round is led by Eldridge and Norwest Venture Partners, who join Series A investor FFL Partners on Velocity Global’s board of directors to bring their deep expertise in technology, future labor and globally. The company retains majority ownership and founder Ben Wright remains CEO and Chairman of the Board.
“This is a pivotal moment for our company in the midst of a paradigm shift for employers and talent,” Wright said. “Access to work is no longer limited by borders or the star you were born under as the adoption of global talent accelerates. In March, we tripled the number of new talent supported on our platform over the same time last year, and the momentum continues to build. Eldridge and Norwest Venture Partners join FFL Partners to invest in people’s lives and the future of business. Huge congratulations to our team on this achievement on our way to even greater heights.
Profitable since its inception in 2014, Velocity Global has more than doubled its client list in the past year, tripled the number of new talent supported on its platform and will reach an annual net revenue rate of 200 million. dollars by the middle of the year, while continuing to evolve. rapidly.
“Velocity Global’s proven technology platform is positioned to transform the future of work, providing companies with a frictionless way to build and grow their teams,” said Todd Boehly, co-founder and CEO of Eldridge. “We are proud to partner with Ben and his team as demand continues to grow for the best workforce solutions that support organizations looking to grow across the world.”
Parker Barrile, a partner at Norwest Venture Partners, joins Velocity Global’s board of directors as a director. Barrile is the former vice president of product at LinkedIn who oversaw 20-fold growth when the company went public.
“Velocity Global has a rare blend of scale, growth and profitability that has prompted us to be part of the next phase,” Barrile said. “The company is led by a strong management team with an ambitious track record, and we look forward to partnering with them as they accelerate the future of work.”
The company’s Global Work Platform™ seamlessly connects employers and talent around the world with proprietary cloud-based talent management technology, personalized expertise and unparalleled global scale. The platform offers a full suite of talent solutions, including global employer of record (EoR) and contractor management, to help thousands of companies compliantly onboard, manage and pay talent, contractors and full-time and part-time freelancers in over 185 countries and all 50 United States.
Velocity Global serves over 1,200 customers and over 7,000 supported employees worldwide. The Velocity Global team has more than 700 employees in 47 countries on six continents, and expects to more than double the number of employees by the end of the year. In 2021, the company successfully completed the acquisitions of iWorkGlobal and Shield GEO which added functionality to its Global Work Platform™.
Velocity Global will use the funds to continue improving the customer experience for businesses and talent. The company will make new strategic investments in technology, sales and marketing, as well as potential future acquisitions, to achieve its vision of providing a frictionless solution for businesses and talent to work with anyone, anyone. where, anyhow.
FT Partners acted as exclusive strategic and financial advisor to Velocity Global on this transaction.
About Velocity Global
Velocity Global is accelerating the future of work for anyone, anywhere, anyhow. Its Global Work Platform™ simplifies the employer and talent experience with its proprietary cloud-based talent management technology, backed by personalized expertise and unparalleled global scale. The platform offers a full suite of talent management solutions, including global employer of record and contractor management, to help companies onboard, manage and compensate talent in more than 185 countries and all 50 states -United. Thousands of brands trust Velocity Global to build international teams without the cost or complexity of setting up foreign legal entities or state registrations. Velocity Global has been named a “Leader” in Global Employer of Record Services by leading analyst firm NelsonHall. Founded in 2014, the company has hundreds of employees on six continents.
Eldridge invests in companies in the insurance, asset management, technology, mobility, sports and gaming, media and music, real estate and consumer sectors. The company seeks to build and grow businesses led by proven management teams who have demonstrated leadership and experience to scale a business. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York and London. To learn more about Eldridge, please visit www.eldridge.com.
About Norwest Venture Partners
Norwest is a leading venture capital and growth firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture capital and growth portfolio. The firm invests in early-stage to late-stage companies across a wide range of sectors, with a focus on consumer, business and healthcare. The Norwest team offers an extensive network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
The original announcement can be found on Velocity Global.