Velocity Global raises $400M in Series B growth round.
Eldridge and Norwest Venture Partners lead funding round
Achieves multi-billion dollar valuation, a 7x increase in one year
Investment boosts the company’s Global Work Platform™ that enables businesses and talent to work with anyone, anywhere, anyhow
DENVER, May 18, 2022 — Velocity Global, the leading provider of global talent solutions, announced today that it raised $400 million in its 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.
“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.”
— Ben Wright, Velocity Global Founder, Chairman, and CEO
“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.”
— Todd Boehly, Eldridge Co-founder and CEO
“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,” 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 best-in-class workforce solutions that support organizations looking to scale across the globe.”
Parker Barrile, a partner at Norwest Venture Partners, joins the Velocity Global board as a director. Barrile is the former vice president of product at LinkedIn who oversaw 20-fold growth as the company went public.
“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 has a rare mix of scale, growth, and profitability that attracted us to be part of the next phase.”
— Parker Barrile, Partner, Norwest Venture Partners
The company’s Global Work Platform™ seamlessly connects employers and talent worldwide through proprietary cloud-based talent management technology, personalized expertise, and unmatched 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 full-time and part-time talent, contractors, and freelancers in more than 185 countries and all 50 United States.
Velocity Global serves more than 1,200 clients and over 7,000 supported employees worldwide. 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.