ZenPayroll Raises $20 Million in Series A Funding

ZenPayroll Raises $20 Million in Series A Funding
Image credit: zenpayroll.com
  • ---Shares
Reader Resource

Join Entrepreneur's The Goal Standard Challenge and make 2017 yours. Learn more »

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

ZenPayroll, 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 managing director 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 Google Ventures, 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 small businesses, 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

Find the Right Franchise for You

Complete our short quiz to pinpoint your perfect franchise match.
Find Your Franchise