Velocity Global Funding, Investors & Competitors

Velocity Global has raised $500M across 2 funding rounds, most recently a $400M Series B in May 2022.

Last Velocity Global funding round

$400M

Series B · May 2022

Cumulative funding Velocity Global raised

$500M

across 2 funding rounds

Key investors in Velocity Global

  • Friedman Fleischer & Lowe (FFL)
  • Norwest
  • Eldridge Industries

Velocity Global Overview

About Velocity Global

Velocity Global is a Denver-headquartered provider of Employer of Record services and global workforce solutions across 185 countries. It enables companies to hire, pay, and manage international talent without establishing local entities through its International PEO platform. The company processes payroll for over 10,000 contractors monthly and serves clients like Motive and Rippling. Founded in 2017, Velocity Global reduces market entry time by up to 90 percent and cuts expansion costs by 60 percent via compliant immigration, payroll, and consulting services. Its platform supports remote workforces in EMEA, APAC, and Latin America.


Founded

2014

HQ

United StatesDenver, CO

Status

Privately held

Customer focus

B2B

Revenue model

Services

Velocity Global Funding History

Velocity Global has raised a total of $500M across 2 funding rounds.

Velocity Global's first fundraising round was a $100M Series A in April 2021. The most recent completed round was a $400M Series B in May 2022.

Velocity Global funding rounds

Velocity Global funding rounds
DateStageInvestorsRaisedDeal Summary
May 2022Series BEldridge Industries (lead); Norwest (lead); Friedman Fleischer & Lowe (FFL)$400MVelocity Global, headquartered in Denver, Colorado, is a leading provider of global talent solutions through its Global Work Platform, enabling businesses to hire, manage, and pay talent worldwide without establishing local entities. Founded in 2014, the company has been profitable since inception and serves over 1,200 companies across 185+ countries, supporting approximately 7,000 employees with a global team of 700+ across 47 countries. On May 18, 2022, Velocity Global raised $400 million in its Series B growth round, led by Eldridge Industries and Norwest Venture Partners, with participation from Series A investor FFL Partners joining the board. The round achieved a multi-billion dollar valuation, marking a 7x increase from the prior year, while the company retained majority ownership and founder Ben Wright remained CEO. Proceeds were earmarked to enhance the platform, pursue acquisitions, scale technology, sales, marketing, and more than double global headcount by year-end. At the time of the announcement, Velocity Global reported strong traction, having more than doubled its client roster in the past year, tripled new supported talent on the platform in March 2022 versus March 2021, and projecting an annual net revenue run rate of $200 million by mid-2022. The funding positioned the company amid a paradigm shift toward remote, global workforces, with FT Partners advising as exclusive financial advisor. Velocity Global operated in a burgeoning HR software market projected to reach $33.6 billion by 2028 at a 10.1% CAGR, driven by cloud-based workforce management adoption. Recent acquisitions like iWorkGlobal and Shield GEO expanded platform capabilities in recruiting, payroll, immigration, and consulting.
Apr 2021Series AFriedman Fleischer & Lowe (FFL) (lead)$100MVelocity Global is a Denver-based provider of global talent solutions, including Employer of Record services, payroll, immigration, and agent-of-record capabilities across 185+ countries, enabling businesses to hire and manage remote international talent. On April 5, 2021, the company announced a $100 million growth investment from FFL Partners concurrent with its acquisition of iWorkGlobal, a San Francisco-based firm, to expand U.S. coverage to all 50 states and accelerate global remote-hire services, technology development, and further strategic acquisitions. FFL Partners joined the board as part of this Series A or growth round. This 2021 round preceded a larger $400 million Series B growth round announced on May 18, 2022, led by Eldridge and Norwest Venture Partners, with FFL Partners continuing on the board; the Series B achieved a multi-billion dollar valuation, described as a 7x increase from the prior year. The company planned to use Series B proceeds for technology enhancements, sales and marketing, and potential acquisitions to support its Global Work Platform. By mid-2022, Velocity Global aimed for a $200 million annual revenue run rate, serving over 1,200 clients and 7,000 supported employees with 700 staff across 47 countries. The company was positioned in the HR tech and global workforce management space amid rising remote work demand.

Who has invested in Velocity Global?

3 investors have backed Velocity Global across its funding rounds, including Friedman Fleischer & Lowe (FFL), Norwest and Eldridge Industries.

Lead investors include Eldridge Industries, Norwest and Friedman Fleischer & Lowe (FFL).


Velocity Global Investors

Investors in Velocity Global by funding rounds participated
InvestorHQRoundsRoleFirst check
Friedman Fleischer & Lowe (FFL)United StatesSan Francisco, CA2LeadApr 2021

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Acquisitions by Velocity Global

Velocity Global has acquired 1 company to date.

Last acquisition by Velocity Global was on April 5th 2021. Velocity Global acquired iWorkGlobal for undisclosed valuation.


Latest Acquisitions by Velocity Global

iWorkGlobal
Description
iWorkGlobal is an employer-of-record service enabling companies to hire talent in the United States and over 170 countries worldwide. It handles independent contractor compliance and agent-of-record arrangements to facilitate global workforce expansion without local entity setup.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date5 Apr 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Velocity Global Competitors

Velocity Global competitors include listed companies like Insperity, FESCO Group, McMillan Shakespeare and Barrett Bus Services, and private ones like YER and Prontopia.

Public and private companies comparable to Velocity Global
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
InsperityUnited StatesUnited StatesPublicly listed$6.8B$35M$1.9B0.3x
FESCO GroupChinaChinaPublicly listed$6.7B$296M$1.1B0.0x
McMillan ShakespeareAustraliaAustraliaPublicly listed$336M$179M$970M3.5x
Barrett Bus ServicesUnited StatesUnited StatesPublicly listed$1.2B$80M$805M0.6x
YERNetherlandsAmsterdamPrivate--$500M-
ProntopiaUnited StatesSanta Barbara, CAPrivate--$8M-

Velocity Global Public Comps

Velocity Global is still privately-owned, but its public comps include Automatic Data Processing, Infosys, HCLTech, Cognizant, SGS, Capgemini, Wipro, Bureau Veritas, Intertek and Jack Henry & Associates.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Automatic Data Processing$22B$6.4B5.0x4.9x17.0x16.9x
Infosys$20B$4.8B2.1x2.1x8.9x9.2x
HCLTech$14B$2.7B2.4x2.3x12.2x11.1x
Cognizant$21B$4B1.4x1.3x7.3x7.2x
SGS$8.5B$1.8B3.2x3.0x15.3x13.3x
Capgemini$26B$3.4B1.1x1.1x8.6x6.8x
Wipro$9.7B$1.9B1.6x1.5x8.0x7.7x
Bureau Veritas$7.4B$1.4B2.2x2.2x11.6x10.8x

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Common questions about Velocity Global

When was Velocity Global founded?Velocity Global was founded in 2014.
Where is Velocity Global headquartered?Velocity Global is headquartered in Denver, CO, United States.
Is Velocity Global publicly listed?No, Velocity Global is a private, VC-backed company.
How much funding has Velocity Global raised?Velocity Global has raised $500M across 2 funding rounds.
What was Velocity Global's last funding round?Velocity Global's last funding round was a $400M Series B in May 2022, led by Eldridge Industries and Norwest.
Who are Velocity Global's investors?Velocity Global's investors include Friedman Fleischer & Lowe (FFL), Norwest and Eldridge Industries.
Which companies are comparable to Velocity Global?Companies comparable to Velocity Global include Insperity, FESCO Group, McMillan Shakespeare, Barrett Bus Services, YER and Prontopia.
How many companies has Velocity Global acquired?Velocity Global has acquired 1 company, including iWorkGlobal.

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