Caisse de dpôt et placement du Qubec (CDPQ), through CDPQ-AI Fund, has invested $53 million in neuvoo, one of the fastest growing employment websites in the world.
A representative of CDPQ will join neuvoo board of directors.
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.
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The job site founded in Qubec continues its global expansion
Caisse de dpôt et placement du Qubec (CDPQ) 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 magazines 2019 Growth 500, which lists Canadas 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 Montral 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.
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 mond, Executive Vice-President and Head of Qubec 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.
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 on neuvoo, visit follow us on Twitter, or consult our Facebook and LinkedIn pages.
Caisse de dpôt et placement du Qubec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CA$326.7 billion in net assets. As one of Canadas leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit , follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
Ted Liu, M.Sc. (Mining, Queens), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).
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