Cloud-based payroll provider ZenPayroll has raised a $20 million Series A round of financing to help it expand coverage to new geographies and grow its team.
The funding came from General Catalyst Partners and Kleiner Perkins Caufield & Byers. ZenPayroll previously raised a $6.1 million seed funding round from the chief executives of Yelp, Box, Dropbox, Yammer and others, as well as Google Ventures and Salesforce.
As part of the financing, Hemant Taneja from General Catalyst will be joining the ZenPayroll board of directors.
"The funding is exciting, but it's an enabler, not a destination,” said ZenPayroll co-founder and CEO Joshua Reeves. “The real story is the growth we're seeing and the shift in how people perceive compensation, especially at small businesses. Our Accountant Program growth has been accelerating, and we will be using the funds to add more resources to the program.”
Reeves noted that the firm still had two thirds of its original seed capital still on hand when it raised the new money.
ZenPayroll launched in 2012, and now processes over $400 million in payroll annually for small businesses.
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