Total amount raised
$500 Millions
Latest funding date
5/1/2022
Location
Velocity Global has successfully raised $27 million in a Series B funding round, backed by investors such as Eldridge Industries and Norwest Venture Partners. The company offers a comprehensive Global Work Platform™ designed to simplify hiring, paying, and managing a global workforce.
Keep reading to explore the intricacies of Velocity Global's fundraising journey and the investors backing this innovative platform.
What Is Velocity Global?
Founded in 2014 by Ben Wright, Velocity Global is headquartered in Denver, Colorado. The company specializes in providing global HR solutions, enabling businesses to hire, pay, and manage their workforce in over 185 countries.
Velocity Global's services include International PEO, global immigration, payroll, recruiting, and consulting. Their AI-powered workforce platform simplifies global HR tasks, ensuring compliance and efficiency in global expansion.
With a team of 501-1000 employees, Velocity Global continues to support companies in achieving their global growth goals through innovative and comprehensive solutions.
How Much Funding Has Velocity Global Raised?
- Series A
- Amount Raised: $100M
- Date: April 2021
- Lead Investors: Friedman Fleischer & Lowe (FFL)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion initiatives.
- Series B
- Amount Raised: $400M
- Date: May 2022
- Lead Investors: Eldridge Industries, Norwest Venture Partners
- Valuation at Round: Multi-billion dollar valuation
- Motivation Behind the Round: To enhance customer experience, invest in technology, sales, and marketing, and pursue potential acquisitions.
Total Amount Raised: $500M. Current Valuation: Multi-billion dollar valuation.
Key Investors
- Eldridge Industries
- Details: Eldridge Industries is a diversified holding company with investments across various sectors. It was founded by Todd Boehly, who also serves as the CEO.
- Investment Focus Areas: Media, sports, insurance, real estate, consumer finance.
- Notable Investments: Not publicly disclosed.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. It has been investing in companies for over 60 years.
- Investment Focus Areas: Technology, healthcare, financial services, consumer products.
- Notable Investments: Not publicly disclosed.
- Friedman Fleischer & Lowe (FFL)
- Details: FFL is a private equity firm focused on middle-market companies. It was founded in 1997 and is based in San Francisco.
- Investment Focus Areas: Consumer products, healthcare services, financial services, industrial products.
- Notable Investments: Not publicly disclosed.
What's Next for Velocity Global?
Velocity Global stands at the cusp of significant opportunities, driven by the increasing demand for global talent solutions and the shift towards remote work. The company plans to enhance its Global Work Platform™ and expand its service offerings, aiming to double its workforce and support more clients and talent worldwide. With a multi-billion dollar valuation and a goal to reach an annual net revenue run rate of $200 million, the potential for growth is immense.
Future fundraising rounds are likely as Velocity Global continues to invest in technology, sales, and marketing. The company may also pursue strategic acquisitions to broaden its capabilities. However, challenges such as managing rapid growth, integrating new acquisitions, and navigating complex regulatory landscapes in multiple countries could pose hurdles. Despite these challenges, the company's strong market position and innovative solutions make it well-equipped to navigate the evolving global HR landscape.
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