Neuvoo, a Montréal-based online employment platform, has raised $53 million from Caisse de dépôt et placement du Québec (CDPQ).
“The investment will help us hire more than 100 people in North America within a year and more than double our current revenues.”
CDPQ said the investment will allow Neuvoo to expand to new markets and optimize its AI-enabled platform. The startup is reporting 5,556 percent growth in five years and recently made the ranks of the Canadian Business magazine’s 2019 Growth 500. The company currently posts approximately 30 million jobs on its site and receives 70 million hits each month across the globe. It expects to reach over 100 million visitors by January 2020.
“We feel very privileged to partner with one of the most important institutional investors in the world,” said Lucas Martinez, co-founder of Neuvoo. “The investment will help us hire more than 100 people in North America within a year and more than double our current revenues.”
Founded in 2011 by Martinez, Maxime Droux. and Benjamin Philion, the company’s mission is to unify all available jobs on the Internet, whether they come from companies’ career websites, staffing agencies, or job boards. The company also develops multiple resources to help candidates in their job search.
The startup operates in 77 countries from its Montréal headquarters, and has offices in Europe and Latin America. Neuvoo also has 150 employees across locations in North and South America, Asia, and Europe.
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Neuvoo told The Globe and Mail it has invested mostly in growing traffic and improving search results and marketing tools. It is now focusing on integrating AI-enabled algorithms in its software to improve search results for job-seekers.
“An investment like this from La Caisse really shows just how much excitement there is in this space today,” said Michael O’Dell, vice president of USA for Neuvoo. “The transaction will allow us to continue our explosive growth here in the US. We’ll be hiring more full-time people to help us keep up with the demand and add more and better services. Most importantly, this investment will enable Neuvoo to connect even more job seekers with the next step in their careers.”
This investment is part of CDPQ’s AI fund, which was launched with $250 million in March. The fund aims to accelerate the growth of companies whose product offering is based on the development of AI.
“Through this transaction, CDPQ supports a new economy company which is growing at a rapid pace, and has distinguished itself and become an international leader thanks to the successful integration of artificial intelligence,” said Charles Émond, executive vice president and head of Québec investments and global strategic planning at CDPQ. “At Neuvoo, they have designed a unique technology that is positioning their company as a strong competitor in the online job recruiting market.”
Image courtesy Neuvoo via Facebook