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ZenPayroll has raised a $60 million Series B round led by Google Capital, the company announced Monday. The new round of funding, which also had participation from Emergence Capital Partners, Ribbit Capital, General Catalyst, Kleiner Perkins, and Google Ventures, brings the payroll-processing startup’s total funding to $86.1 million.
Launched two years ago, ZenPayroll aims to reduce the pain and possibility of error for business owners who hand-process payroll.
The San Francisco-based company offers a cloud-based system to automate tax calculations and payroll payments. ZenPayroll’s web-based services are already used by 10,000 small businesses.
“We are proud to welcome Google Capital to the ZenPayroll community. Not only does Google exemplify the power of technology to improve people’s lives, they also share our core belief that people are the most important part of every business,” ZenPayroll’s CEO and co-founder Joshua Reeves said.
ZenPayroll, which is valued at $560 million, says it processes billions of dollars in payroll annually, and by the end of this month, will work with businesses in every US state. And it’s not just ZenPayroll’s client base that’s growing — its employee count is too. At the beginning of the year, ZenPayroll had 60 employees. Now, it has about 84 employees; by the end of 2015, it plans to have 300.
“Josh and team have built an incredible business and a product that customers love that can solve a huge pain point for millions of businesses,” Laela Sturdy, a partner at Google Capital, told Business Insider about the Series B round. “We’re looking for growth-stage companies that have Google-sized aspirations in their industries, technology with huge long-term potential, and great management teams. ZenPayroll fits the bill across the board.
The startup is popular with top Silicon Valley CEOs, too. A list of angel investors in the company, disclosed in November, reads like a Who’s Who of Silicon Valley. CEOs of companies including Stripe, Evernote, Eventbrite, Instagram, and WordPress have all invested in the company’s $20 million Series A round. Ashton Kutcher, Jared Leto, and founders of tech companies including PayPal, Nest, Mint, Twitter, and Reddit also participated.
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