Velocity Global will use the funding to explore acquisition opportunities. Here are the top-line bullets you need to know.
Velocity Global, a workforce management platform, has raised $400M in a Series B. The round drew participation from Eldridge and Norwest Venture Partners.
HOW’S THE COMPANY PERFORMING?
- Colorado-based Velocity Global enables organizations to manage global recruiting, hiring, immigration, payroll, and consulting in a single location.
- The platform caters to 1.2K+ companies across 185+ countries.
- The company claims to have increased its valuation 7x year-over-year.
- It is supported by a global team of 700+ employees across 47 countries.
Source: Velocity Global
WHY DOES THE MARKET MATTER?
- The global HR software market is expected to reach a value of $33.6B by 2028, growing at a CAGR of 10.1%, according to Verified Market Research.
- The increasing adoption of cloud-based workforce management solutions across verticals by businesses of all sizes amid the pandemic has resulted in market growth.