Velocity Global, a provider of global talent solutions, announced that it raised $400m in Series B funding round, increasing the company’s valuation seven-fold since the same time last year.
This second round of funding is led by Eldridge and Norwest Venture Partners which join Series A investor FFL Partners on Velocity Global’s board to lend their deep expertise in the areas of technology, future of work and global scale. The company retains majority ownership and founder Ben Wright continues as CEO and chair of the board of directors.
What are Velocity Global’s thoughts on the funding?
“This is a pivotal moment for our firm 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 new supported talent compared to the same time last year, and the momentum continues to build,” said Wright
“Eldridge and Norwest Venture Partners join FFL Partners to invest in the future of business. Massive kudos to our team for this achievement on our way to even greater heights.”
Profitable since its founding in 2014, Velocity Global more than doubled its client roster over the past year, tripled the number of new supported talent on its platform, and will reach an annual net revenue run rate of $200 million by midyear as it continues to scale rapidly.
What are the investors’ thoughts on Velocity Global?
Commenting on the Series B funding round, Todd Boehly, co-founder and CEO of Eldridge said; “Velocity Global’s proven technology platform is positioned to transform the future of work, offering businesses a frictionless solution for building and expanding their teams.”
“We are proud to partner with Ben and his team as demand continues to grow for best-in-class workforce solutions that support organizations looking to scale across the globe.”
Parker Barrile, partner at Norwest Venture Partners, joins the Velocity Global board as a director. Barrile is the former VP of product at LinkedIn who oversaw 20-fold growth.
“Velocity Global has a rare mix of scale, growth, and profitability that attracted us to be part of the next phase. The firm is led by a strong leadership with an ambitious roadmap, and we look forward to partnering with them as they accelerate the future of work,” said Barrile.
What is Velocity Global’s market offering?
The platform offers talent solutions like; global Employer of Record (EoR) and Contractor Management, to help thousands of firms compliantly onboard, manage, and pay full-time and part-time talent, contractors, and freelancers in more than 185 countries and 50 US states.
Velocity Global serves more than 1,200 clients and over 7,000 supported employees. The Velocity Global team is more than 700 employees strong in 47 countries across six continents with plans to more than double the number of employees by the end of the year.
In 2021, the company successfully completed acquisitions of iWorkGlobal and Shield GEO that added capabilities to its Global Work Platform. Velocity Global will use the funds to continue enhancing the customer experience for both businesses and talent.
The company will make further strategic investments in technology, sales and marketing, as well as potential future acquisitions to execute on its vision to provide a frictionless solution for businesses and talent to work with anyone, anywhere, anyhow. FT Partners served as exclusive strategic and financial advisor to Velocity Global on this transaction.