Payroll Services Company Raises $50M in Venture Capital

Wednesday, December 23, 2015 | 0

Gusto, a payroll-services company that recently added health benefits and workers’ compensation to its offerings, has raised an additional $50 million in venture-capital funding, VentureBeat reported.

The company was known as ZenPayroll before it changed its name to Gusto in September and expanded its services. Gusto offers pay-as-you-go workers’ compensation plans, with automatic calculation and payment of premiums based on payroll data, according to its website.

CEO Joshua Reeves told VentureBeat that the recent funding was part of Gusto’s Series B round that was announced in April. The move is detailed in a filing with the U.S. Securities and Exchange Commission.

Based in San Francisco, Gusto focuses on small and medium-sized businesses. The company has about 25,000 customers, according to VentureBeat.