San Francisco-based Gusto, which provides cloud-based payroll, benefits, and human resource management solution for small businesses, recently announced it has raised US$140 million in a Series C funding round.
Leading late-stage investors including portfolios managed by T. Rowe Price Associates, Inc., MSD Capital (Michael Dell), Dragoneer Investment Group and Y Combinator Continuity Fund participated and are joined by existing investors General Catalyst, CapitalG, Kleiner Perkins, 137 Ventures, Emergence Capital and others.
Josh Reeves, Gusto co-founder, and CEO said, “We chose these investors because they care about enabling small businesses with modern payroll, benefits, and HR. There are millions of companies out there to help, and this is a long-term journey for us. We’re just getting started.”
Henry Ellenbogen, T. Rowe Price New Horizons Fund portfolio manager said of Gusto, “The company has a strong and focused management team, and it has the potential to become much larger as it expands its efforts to employees who seek to improve their financial mobility and achieve greater personal prosperity.”
The company said it will use the investment to drive significant additions to Gusto’s all-in-one payroll, benefits, and HR technology platform including new capabilities to help employees manage when and how they get paid.
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