Velocity Global, an HR platform for remote teams, raises $400M from Norwest and Eldridge. Velocity Global competitors are Globalization Partners, Multiplier, Omnipresent, Oyster, Panther, Papaya Global, Remote, and Skuad.

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.

Want to see more research? Join a demo of the CB Insights platform.

If you’re already a customer, log in here.