CHICAGO--(BUSINESS WIRE)--Envoy Global, the technology leader in global immigration and workforce management, raised $21 million in Series C financing led by growth equity firm Catalyst Investors. Existing investor General Catalyst participated in the round as well. The new capital will expand Envoy’s go-to-market efforts, and continued development of its global immigration services and software platform. Susan Bihler of Catalyst Investors has joined Envoy’s Board of Directors.
Envoy combines proprietary technology and expert legal representation to make it seamless for companies to hire and manage an international workforce. Envoy has demonstrated consistent and impressive growth by increasing its focus on the enterprise and evolving its immigration platform and service offering. Since the first investment from General Catalyst in 2014, Envoy has added more than 1,000 new customers, helped 24,000 individuals and maintained a net promoter score over 77 reflecting its commitment to exceptional, proactive and expert service.
“Foreign-born workers have grown from 12 percent of the U.S. STEM workforce to close to 25 percent underscoring the criticality of a comprehensive workforce management solution. Some of the world’s biggest companies rely on Envoy, not only because our platform helps to navigate the complex immigration process, but because they see tremendous value in our dedication to continued innovation and customer satisfaction,” said Dick Burke, president and CEO of Envoy. “We’ve made great progress in the past year – we launched our updated platform with expanded global capabilities and evolved our service offering– and we are seeing record growth as a result. Catalyst Investors is an ideal partner to help us expand further given the team’s extensive experience with SaaS and services businesses and their domain expertise in the enterprise and HR markets.”
“Envoy is simplifying an outdated and cumbersome process with a robust software product that enables the delivery of more efficient, cost-effective and transparent services for Envoy’s clients,” said Bihler. “We look forward to partnering with Envoy’s talented management team to help the company continue its notable growth trajectory.”
The need for Envoy’s services and the market opportunity are immense. Envoy’s Annual Immigration Trends Survey reported the following statistics:
- 63 percent of employers say sourcing foreign national talent is a very important talent acquisition strategy and 77 percent say it is very important to filling their skills gap.
- 71 percent of companies have sponsored a foreign national for a green card and 66 percent sponsor the green card within the first year of service.
- 55 percent of U.S. employers expect to increase foreign national hiring this year (up from 34 percent last year) and 59 percent of U.S. employers expect to increase overseas assignments this year.
Raymond James & Associates served as the lead advisor to Envoy for this transaction.
About Envoy Global
Founded in 1998, Envoy is a global immigration services provider. Envoy combines expert legal representation – for both inbound and outbound immigration – and proprietary technology, making it seamless for companies to hire and operate an international workforce. This technology empowers companies to acquire the best talent regardless of where they are in the world, mobilizes employees around the world to take advantage of business opportunities, and enables the management of entire global workforces. Envoy has handled more than 30,000 cases and served more than 2,000 customers in a broad range of industries including Enova, Grubhub, and CBS Interactive. Visit www.envoyglobal.com for more information.
About Catalyst Investors
Catalyst Investors is a growth equity firm founded in 2000. Catalyst’s mission is to earn superior returns by helping entrepreneurs build great growth companies. Catalyst employs a rigorous top-down research focus that seeks to identify investment opportunities in companies and industries that will exhibit strong revenue growth. The firm works in true partnership with talented management teams to build long-term value. Past and present Catalyst portfolio companies include SaaS-based businesses (Ascentis, Fusion Risk Management, Jobvite, MessageLabs, MINDBODY, Weave), Healthcare IT (Clinicient, PresenceLearning), AdTech/Marketing (Conductor, MediaMath, Videology, WeddingWire), Food Tech (BrightFarms, ChowNow) and Internet Infrastructure (InSite Wireless Group, Latisys, Xplornet). For more information, visit www.catalyst.com.