Velocity Global To Use New Funding To Expand Workforce
Velocity Global, which has been profitable since its inception in 2014, has more than doubled its client list in the last year, increasing the amount of new supported talent on its platform, and is on track to reach an annual net revenue run rate of $200 million by midyear.
FREMONT, CA: To continue to make the most of the cloud from a WFM standpoint, companies must embrace new ways of working from the top down. If executives can achieve this, the extra flexibility and agility that cloud computing provides have proven to spread throughout the organization and increase staff engagement and, as a result, customer happiness. To enable this, Velocity Global, a provider of talent solutions, has raised $400 million in a Series B fundraising round, bringing the company's valuation to seven times what it was last year. By the end of the year, the company hopes to have doubled its current workforce of 700 people.
Eldridge and Norwest Venture Partners lead the second round of funding, joining Series A investor FFL Partners on Velocity Global's board to provide their significant expertise in the areas of technology, the future of work, and global scale. Ben Wright, the company's founder and chairman of the board of directors, holds a majority stake.
Through patented cloud-based talent management technology, specialized knowledge, and unrivaled global scale, the company's Global Work PlatformTM links employers and talent globally. Thousands of enterprises in more than 185 countries and all 50 states use the platform's comprehensive suite of talent solutions, including global Employer of Record (EoR) and Contractor Management, to compliantly onboard, manage, and pay full-time and part-time personnel, contractors, and freelancers.
“Velocity Global has a rare mix of scale, growth, and profitability that attracted us to be part of the next phase,” said Barrile. “The company is led by a strong leadership team with an ambitious roadmap, and we look forward to partnering with them as they accelerate the future of work.”
Velocity Global will use the funds to improve the customer experience for both corporations and talent. To realize its objective of providing a frictionless solution for businesses and talent to collaborate with anyone, anywhere, anyhow, the company will make more strategic investments in technology, sales and marketing and potential future acquisitions.
Commenting on the latest round of funds raised, company CEO Ben Wright said, “This is a pivotal moment for our company in the midst of a paradigm shift for employers and talent. Access to work is no longer limited by borders or the star you are born under as the adoption of global talent accelerates. In March, we tripled the number of new supported talent on our platform compared to 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. Massive kudos to our team for this achievement on our way to even greater heights.”
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