Talent solutions provider Velocity Global has raised $400 million in its Series B funding round, increasing the company’s valuation seven-fold since the same time last year. The company also plans to double the employee count from its present strength of 700 by the end of this 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.
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.
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.”