The Caisse de dépôt et placement du Québec (CDPQ) will invest $53 million in the Neuvoo job website. This investment, in the form of share capital, will allow Neuvoo to continue its global expansion and optimize its platform, powered by artificial intelligence.
Headquartered in Montreal and with offices in Europe and Latin America, the company operates in 77 countries. This job offer aggregator posts an average of 30 million jobs and has 70 million visits per month — the company expects to reach 100 million monthly visits by next year.
“This investment [by the CDPQ] will allow us to hire more than 100 people in North America over the next year and double our revenue,” Lucas Martinez, co-founder of Neuvoo, said in a press release.
A new giant
Alongside the Indeeds and Monsters of this world, Neuvoo has established itself as a new online job search giant. With annual revenues of more than $75 million, the company has grown by more than 5,500% in five years and is Canada’s 14th fastest growing company according to the Canadian Business magazine.
It is because of this internationally leading position “and thanks to the successful integration of artificial intelligence” that the CDPQ justifies this major investment, which assures it of “competitive positioning in the online recruitment market”.
In a market where players such as Indeed, LinkedIn, Google and Facebook cross swords, smaller players have to go the extra mile to get a piece of the pie. In this sense, CDPQ’s investment will undoubtedly give Neuvoo (a little more) resources to play in the big leagues.
The CDPQ’s investment was made through the CDPQ-AI Fund, which aims to support the growth of businesses that focus on the development of artificial intelligence.
Neuvoo brings together on one user-friendly platform practically all the job offers on the web, whether they come from corporate career sites, placement agencies or job boards. Powerful algorithms let the company create a complete and accurate inventory of job offers.