CDPQ invests $53 million in neuvoo

Caisse de dépôt et placement du Québec (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 magazine’s 2019 Growth 500, which lists Canada’s 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 Montréal 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. 

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.