The Covid-19 pandemic and ensuing remote-work revolution have left employers scouring the world for the best talent.
Denver-based Velocity Global has helped companies adjust to the new remote landscape with its Global Work Platform. The platform enables businesses to onboard, manage and pay talent throughout the U.S. and in more than 185 countries without the cost or complexity of setting up foreign legal entities or state registrations.
The product is used by more than 1,200 companies that employ approximately 7,000 employees.
Founded in Denver in 2014, Velocity Global is positioning itself for even further growth with the injection of $400 million in venture capital. The Series B raise, which was announced Wednesday, comes a year after the company raised a $100 million Series A.
Velocity Global said in a statement that the fresh funding round increased the company’s valuation seven-fold, but it has not disclosed the valuation of either the Series A or the Series B rounds.
The Series B round was co-led by Eldridge and Norwest Venture Partners, both of which will have members join Series A investor FFL Partners on Velocity Global’s board of directors.
Velocity Global founder and CEO Ben Wright said in a statement that, in March, the company tripled the number of new supported talent on its platform compared to March of 2021.
Last year, the company added capabilities to its platform by acquiring iWorkGlobal and Shield GEO.
“This is a pivotal moment for our company in the midst of a paradigm shift for employers and talent,” Wright said. “Access to work is no longer limited by borders or the star you are born under as the adoption of global talent accelerates.”
The company plans to reach an annual revenue run rate of $200 million by mid-2022.
Velocity Global is a work-from-anywhere company with 700 employees across 47 countries. The company is headquartered in Denver, and more than 180 employees are located in Colorado.
With the new funding, Velocity Global expects to more than double its global headcount by the end of the year.
