(Bloomberg) -- Velocity Global, a startup aiming to ease the process of hiring remote and international workers, has raised $400 million in a Series B round.

The financing was led by investment firms Norwest Venture Partners and Eldridge Industries LLC, according to a statement provided to Bloomberg News. The round has boosted the company’s valuation seven-fold since the same time last year, Velocity Global said.

Chief Executive Officer Ben Wright said the company has now amassed a multibillion-dollar valuation but declined to comment further on the amount. “What’s most important for us is the capital raise and what we do with it, especially knowing that we’ve been profitable every single year” since inception, Wright said in an interview. 

Founded in 2014, Velocity Global operates as a software platform for corporate clients to handle human resources. The company offers talent onboarding, global payroll and employment legal services. Funds from the raise will be used to accelerate investments in technology, sales, marketing and also potential tuck-in acquisitions.

According to Wright, the Denver-based company generated $125 million in revenue last year and is projected to do more than $200 million in 2022.

When asked about the potential for an initial public offering, Wright said “certainly an IPO is a possibility.”

“We already have the hallmarks of being a public company,” he said. “We look public ready from kind of a financial perspective, but I think we’ve got a little bit of time to sort of start putting our pieces into place.”

Norwest Venture is a growth equity investment firm that invests in early to late-stage businesses spanning the consumer, enterprise and health-care sectors. The Palo Alto, California-based firm has more than $12.5 billion in assets under management. 

“Velocity Global has a rare mix of scale, growth, and profitability that attracted us to be part of the next phase,” said Parker Barrile, a partner at Norwest and the former vice president of product at LinkedIn. He will join Velocity Global’s board of directors as part of the deal.

Led by billionaire Todd Boehly, Eldridge Industries is an investment firm with a build and growth strategy for companies spanning sectors such as insurance, sports, media and gaming, music, technology, real estate and more. The firm is headquartered in Greenwich, Connecticut with offices in New York, London and Beverly Hills, California.

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