ZenPayroll Raises $20 Million in Series A Funding

ZenPayroll Raises $20 Million in Series A Funding
Image credit: zenpayroll.com

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Staff Writer. Covers leadership, media, technology and culture.
1 min read

Accounting is a critical piece of operating a , and the investment community appears to see promise in innovating in that space.

, a cloud payroll provider, said today it has raised $20 million in Series A funding from venture capital firms General Catalyst Partners and Kleiner Perkins Caufield & Byers. The company also announced that Hemant Taneja, a at General Catalyst, will be joining the company's Board of Directors.

Related: Payroll, Meet Accounting: ZenPayroll and FreshBooks Join Forces

ZenPayroll was co-founded in 2012 by CEO Joshua Reeves, with a $6.1 million seed investment from , Salesforce, and the CEOs of companies like Yelp, and cloud-based peers Box and Dropbox. This round of financing is the most money that the company has raised to date. 

The San-Francisco based platform, which currently processes more than $400 million in annual payroll, positions itself as a "delightful, modern" and low-stress solution for , plans to utilize the financing to continue to expand its reach as well as hire more employees to join its team.   

Related: When Launching a Company, Consider These 5 Things

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur