Neuvoo raises CAD$53m equity investment from CDPQ to fuel international expansion and AI optimization

– CANADA, Montréal / SWITZERLAND, Lausanne –  neuvoo, one of the fastest-growing job sites in the world centralizing all the jobs available on the web, today announced that Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, led an equity investment of CA$53 million in the company. The investment will enable neuvoo to continue its expansion into new markets, and allow to further optimize AI-based neuvoo’s platform.

“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.

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. With huge growth within the last 5 years, neuvoo recently ranked 14th in Canadian Business magazine’s 2019 Growth 500, which lists Canada’s fastest-growing companies.

neuvoo posts around 30 million jobs on its site and receives 70 million hits each month across the globe, expecting to reach over 100 million visitors by January 2020.

neuvoo has annual revenues exceeding CA$75 million and 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.

“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.

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.

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.”

About neuvoo

With more than 30 million job vacancies in 77 countries, neuvoo is one of the fastest-growing job sites in the world. Our mission is to centralize all the jobs available on the web, whether they come from companies’ career websites, staffing agencies or job boards. We also develop multiple resources to help candidates in their job search.

For more information, visit neuvoo.com

About Caisse de dépôt et placement du Québec (CDPQ)

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As of June 30, 2019, it held CA$326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt.

For more information, visit cdpq.com,

- DisclaimerNews, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.

Comments are closed.