Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, is announcing an equity investment of CA$53 million in neuvoo, one of the fastest growing employment websites in the world. With 5,556% growth in 5 years, neuvoo recently ranked 14th in Canadian Business magazine's 2019 Growth 500, which lists Canada's fastest growing companies.
This investment will enable neuvoo to continue its expansion into new markets, and allow it to further optimize its platform, which is based on artificial intelligence. Thanks to its ability to effectively integrate different algorithms into its site, neuvoo has rapidly distinguished itself by becoming one of the only job search platforms with the ability to create a complete and accurate inventory of jobs posted across the web.
At present, neuvoo posts around 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.
The company, whose annual revenues exceed CA$75 million, operates in 77 countries from its Montréal headquarters, and also maintains offices in Europe and Latin America. In addition to access to job postings, neuvoo offers job seekers a range of dynamic tools based on the vast inventory of jobs that is available on the site.
"We feel very privileged to partner with one of the most important institutional investors in the world. The investment will help us hire more than 100 people in North America within a year and more than double our current revenues," stated Lucas Martinez, Co-Founder of neuvoo.
"An investment like this from La Caisse really shows just how much excitement there is in this space today. 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," added Michael O'Dell, Vice-President, USA of neuvoo.
"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," noted Charles Émond, Executive Vice-President and Head of Québec Investments and Global Strategic Planning, CDPQ. "At neuvoo they have designed a unique technology that is positioning their company as a strong competitor in the online job recruiting market."
This investment is part of the CDPQ-AI Fund, which was launched in the spring of 2019. The fund aims to propel the growth of companies whose product offering is based on the development of artificial intelligence.
SOURCE CDPQ and neuvoo
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