As crowdfunding is all the rage today, there are entrepreneurs like Ryan Caldbeck of CircleUp who approach opportunities a bit differently. A former private equity analyst focused on consumer retail, Caldbeck noticed consumer retail businesses were often rebuffed for venture capital but yet good …
SAN FRANCISCO – February 19, 2014 – ZenPayroll, Inc., the leading modern, cloud-based payroll provider, announced today that it has raised a $20 million Series A round of financing from General Catalyst Partners and Kleiner Perkins Caufield & Byers (KPCB). ZenPayroll will use the funding to accelerate its rapid growth, expand coverage to new geographies and grow its team, as the company continues to re-imagine payroll for the modern business. ZenPayroll previously raised a $6.1 million seed funding round in April 2012 from the CEOs of Yelp, Box, Dropbox, Yammer and others, as well as Google Ventures and Salesforce. ZenPayroll’s total funding to date is $26.1 million.
Since launching publicly in December 2012, ZenPayroll has set itself apart from incumbent, traditional payroll providers by introducing the most modern, affordable and easy-to-use payroll solution for small businesses. In 2013 the company released numerous features for employers, such as “autopilot” payroll and spot bonuses, as well as employee-facing enhancements like self-onboarding, visually informative pay stubs and ZenPayroll Giving, which enables people to donate to nonprofit organizations directly from their paychecks.
Today, ZenPayroll is processing over $400 million in annual payroll for small businesses of all kinds, including bakeries, law firms, flower shops, hotels, dentist offices, restaurants, and more. Word of mouth has been a primary driver of growth; in a recent survey, 87% of ZenPayroll’s customers have already recommended the service to another business owner.