Four companies in the global mobility space accelerated their growth with the help of investment dollars.
For small and medium-sized businesses, receiving monetary support from private equity (PE) or venture capital is crucial. In today’s unstable business climate, companies backed by PE firms hold a significant advantage. These funds possess both an ample supply of capital and a range of operational resources, expert knowledge, and advisory connections that can be effectively utilized across their entire portfolio.
2021 was a record-breaking year for the startup funding landscape. According to new research from CB Insights, investors globally doubled the amount of money they invested in startups in 2021, totaling $621 billion and surpassing the previous year’s record.
In 2022, investments slowed significantly. Despite the noticeable decline, 2022 was still the second-best year for startup funding in the last decade, with investors spending $100 billion—a 29% increase from 2020, according to Crunchbase.
Private equity and other investment dollars play a significant role in supporting the growth and development of individual global mobility businesses, as well as the industry as a whole. These investment dollars provide the necessary funding for businesses to scale their operations, invest in new technologies, and expand their reach into new markets. All of these factors contribute to the continued growth and success of the global mobility industry.
Here are four companies in the global mobility space that accelerated growth in 2022 with the help of investment dollars.
Benivo Secures $12 Million Investment From Updata Partners to Boost Expansion
Benivo, an employee mobility management platform, announced last year a $12 million funding round led by Updata Partners, a growth equity investment firm specializing in business-to-business software. With this fresh infusion of capital, Benivo plans to expand its teams across the United States, the United Kingdom, Armenia, and India, and further enhance its comprehensive mobility solution to address the industry’s main challenges.
Benivo offers a software platform that allows mobility teams to administer their globally mobile workforce and programs. The Benivo Global Mobility Management Platform enables customers to manage HR-employee-vendor processes, facilitate various relocation policies, and efficiently execute employee and vendor payments.
Benivo stated in the fundraising announcement that Updata’s investment will enable it to expedite customer acquisition efforts and continue providing state-of-the-art technology to mobility teams worldwide.
Corporate Housing Redefined: Landing, a Lodging Startup, Raises $125 Million in Funding
Landing, a lodging startup that offers a subscription-based model, has secured $125 million in funding to further expand its services across the United States, catering to the growing corporate demand for “flexible living” as remote workers transition between cities.
In 2019, Landing was one of the first to introduce the “flexible living membership” model, which allows members to seamlessly move between cities and stay in the company’s network with just a two-week notice. Now, the company is expanding its focus to the corporate housing sector through its latest offering. Landing’s network currently includes 20,000 units spread across 375 cities.
“Landing is focused on building the future of living for people seeking more flexibility and convenience,” said CEO and founder Bill Smith. “Our apartments are also well-suited for corporate housing.”
Landing apartments offer a convenient solution for corporate housing with their on-demand booking capabilities and a centralized platform that displays all reservations. The company reports a staggering 380% increase in membership over the past year, and since its inception in 2019, its members have spent 2.4 million nights in Landing’s apartments.
Next-generation apartment companies that provide a unique lodging experience by offering a blend of short-term and long-term stays are gaining popularity among companies and individuals who seek to rent in a new city without the constraints of a traditional 12-month contract or mortgage. These short-term housing companies also attract real estate investment trusts, landlords, and property managers, as they eliminate the hassle of finding reliable tenants and employ apps to build vibrant communities.
Immigration Management Tool Raises $2.5 Million
Increased investment in immigration tech companies is critical to modernizing and streamlining the immigration process. In 2022, Lawfully Inc. raised $2.5 million dollars in investments. This company has the potential to create innovative solutions to longstanding immigration challenges, and these impressive fundraising efforts prove that immigration technology is vital within the global mobility industry.
Lawfully, a startup that provides an app to manage immigration status for individual immigrants, announced in November 2022 that it had raised $2.5 million in seed funding.
The immigration status management app introduced its premier product, the Lawfully Case Tracker in 2020. The company has marked a milestone of 800,000 registered cases on its app, reflecting a 400% increase since the beginning of 2021, according to a recent press release.
Per the company’s press release, it unveiled three new features alongside its announcement of the fundraise. These features include access to tools such as statistical data, cover letter templates, tips, and more. Additionally, users can now avail themselves of “Q&A with Lawfully immigration experts,” get insights into case processing time analytics, and read reviews of U.S. Citizenship and Immigration Services interviews.
Remote Work Platform Multiplier Secures $60M in Series B at $400M Valuation
In 2022, Multiplier, a leading company that facilitates businesses in employing and paying remote workers in accordance with local regulations, closed a Series B funding round of $60 million at a valuation of $400 million.
This startup’s main focus is its employer of record (EOR) solution. It partners with clients and act as the legal employer for their employees to ensure compliance with local labor and tax laws. This allows both the company and its workers to operate legally in any jurisdiction.
Multiplier has established EORs in more than 150 countries globally, enabling clients to manage payroll, benefits, and expenses seamlessly through its professional employer organization (PEO) solution.
Is Outside Investment Good for the Global Mobility Industry?
These are just four instances of successful fundraising rounds among global mobility companies in 2022. Dozens of mobility-focused firms raised funds, obtained grants, or were involved in mergers and acquisitions last year.
Is external funding beneficial for the global mobility industry? In general, the answer is likely to be yes. External funding allows companies to recruit more employees, develop new features more rapidly, offer more comprehensive customer support, and effectively compete with each other. Competition stimulates further innovation, more user-centric design, and, in the end, a wider range of technology to support global mobility professionals.