SAN FRANCISCO (November 20, 2014) — ZenPayroll announced today more than 50 previously undisclosed angel investors, who joined its $20 million Series A funding. They include actors Ashton Kutcher and Jared Leto, as well as Karen Mills, the former head of the U.S. Small Business Administration, plus the CEOs of Evernote, Eventbrite, Stripe, Constant Contact, SurveyMonkey, WordPress, Instagram, and the founders of PayPal, Yahoo, Reddit, Nest, Twitter, HubSpot, and Mint, among others. ZenPayroll’s total funding to date is $26.1 million.
Since its Series A funding earlier this year, ZenPayroll has more than quadrupled its rate of payroll processing. Today, ZenPayroll is processing over $1.5 billion in annual payroll for thousands of small businesses across the United States. In 2015, ZenPayroll plans to complete its nationwide expansion and expand its support for larger companies.
“When you’re building a business for the next fifty years, it’s all about the people. Our approach to fundraising has been to find long-term partners who share our values and motivation. This incredible group of leaders built companies from the ground up, and they want to help us solve this problem because they’ve experienced it firsthand,” said Joshua Reeves, CEO and co-founder of ZenPayroll. “We’re honored to learn from these investors. Each of them brings something to the table that will help ZenPayroll reach millions of businesses and hundreds of millions of employees around the world.”
“I’ve spent my career reimagining unloved products and challenging giant incumbents, so I have a deep appreciation for the way ZenPayroll is redesigning payroll,” said Matt Rogers, co-founder of Nest. “They’ve taken what has traditionally been an afterthought – or ‘just good enough’ – to something that's actually enjoyable for both employees and employers.”
“Modern software is sweeping through every industry and simplifying all the processes that used to be unnecessarily complex and expensive. There’s no better example of that trend than ZenPayroll, which is breathing new life into the payroll industry,” said Max Levchin, co-founder of PayPal. “ZenPayroll gets that payments are actually about people, not transactions. I’m proud to support their team as they seize a massive market opportunity and empower entrepreneurs to succeed.”
“I invest in technology because it is an industry that has the potential to dramatically improve human life with incredible speed and scale. ZenPayroll has made tremendous progress over the past few years, and yet they are at the tip of the iceberg. They have the potential to impact millions of businesses and hundreds of millions of employees around the world,” said Jared Leto, artist and entrepreneur. “Getting paid and rewarding your team for their hard work should be one of the most enjoyable moments of the month. I’m proud to support ZenPayroll on their mission to humanize compensation.”
“I’m happy to be both a ZenPayroll investor, and a customer. ZenPayroll makes payroll super simple – they take care of almost all the tedious forms and filing for you,” said Aaron Patzer, founder of Mint. “As the former founder of Mint.com and VP of Product Innovation at Intuit, I can tell you that ease-of-use is almost non-existent in other payroll products. ZenPayroll actually saves you time as a business owner.”
Here are some of ZenPayroll’s new investors:
Gusto is on a mission to bring life to work by reimagining payroll, benefits, and HR. Gusto serves over 40,000 companies nationwide and makes the most complicated, impersonal business tasks simple and delightful. Gusto has offices in San Francisco and Denver and its investors include Google Capital, General Catalyst, Kleiner Perkins Caufield & Byers, and the founders of Instagram, Stripe, Nest, PayPal, Yelp, Dropbox, and Eventbrite, among others.