Velocity Global raised $400 million in a Series B round, increasing the company’s valuation by an order of seven from this time a year ago.
The round was led by Eldridge and Norwest Venture Partners. They’ll join investor FFL Partners on the company’s board of directors. The company itself retains majority ownership and founder Ben Wright continues as CEO and board chair.Velocity Global raised $400 million in a Series B round, increasing the company’s valuation by an order of seven from this time a year ago.#HR #HRTech Click To Tweet
“This is a pivotal moment for our company in the midst of a paradigm shift for employers and talent,” said Wright. “Access to work is no longer limited by borders or the star you are born under.”
In March, the company tripled the number of new workers on the platform compared to the same time last year. In addition, Velocity has more than doubled its customer roster, and says it now operates in more than 185 countries.
Velocity Global, which said it’s been profitable since its founding in 2014, more than doubled its client roster over the past year. By midyear, it expects to reach an annual net revenue run rate of $200 million. More recently, Velocity Global said it partner with, allowing the companies to “enhance the future of work for companies around the world.”
“Velocity Global’s technology platform is positioned to transform the future of work, offering businesses a frictionless solution for building and expanding their teams,” said Todd Boehly, co-founder and CEO of Eldridge.
Parker Barrile, a partner at Norwest Venture Partners, has joined the Velocity Global board as a director. Barrile is the former vice president of product at LinkedIn.
“Velocity Global has a rare mix of scale, growth and profitability that attracted us to be part of the next phase,” said Barrile, making special note of its “strong leadership team and “ambitious roadmap.”