Velocity Global

Velocity Global (Velocity) offers a suite of solutions that allows companies to manage a distributed workforce. Its services include US Employer of Record (EoR), international Professional Employer Organization (PEO), global payroll, compliance, and benefits (medical, pensions, flexible offices spaces, etc). The company launched its Global Equity Program (January 2023) offering enterprises a compliant means of providing competitive and comprehensive award packages globally.

The company received a USD 100 million investment from FFL partners in April 2021 which it has used to make two key acquisitions. It acquired iWorkGlobal, aprovider of EoR, compliance, and agent of record services, in April 2021. The combined entity was expected to be the largest global provider of EoR services. Velocity Global made a similar acquisition in July 2021, acquiring the global EoR services Shield GEO at an undisclosed value. The acquisition allows Velocity to grow its international footprint.  Shield GEO, based in Hong Kong, has a presence in over 90 countries with offices in Australia and the UK. Following the acquisition, Shield GEO’s workforce of 75 was absorbed by Velocity. 

Key customers and partnerships

As of March 2023, Velocity Global’s services were available across over 185 countries, serving ~1,500 enterprises across industries such as cybersecurity, SaaS, private equity, and life sciences.  Notable brands included Consensys, Crunchbase and Glaukos.

Funding and financials

In its latest funding round in May 2022, Velocity Global raised USD 400 million in a Series B funding round led by Eldridge and Norwest Venture Partners. The round increased its valuation by 7x from the same period last year. The funds were raised to further improve the customer experience for businesses and talent, and make strategic investments in technology, sales and marketing, as well as potential future acquisitions in line with its strategy. 

As of March 2023, the company was valued at USD 2 billion, and crossed USD 200 million in annual recurring revenue (ARR).