ZenBusiness, the US-based business management services provider backed by human resources firm Recruit, has completed a $55m series B round led by venture capital fund Cathay Innovation.
GreatPoint Ventures, Breyer Capital, Omega Venture Partners, Greycroft, Lerer Hippeau Ventures, Interlock Partners, Mark vc, and ATX Venture Partners also participated in the round.
Founded in 2017, ZenBusiness has created a digital platform that helps microbusinesses with administrative tasks such as filing documentation to incorporate their businesses, formulating business plans or filing financial reports.
The company also provides access to enterprise services from affiliate partners. In July, it acquired Joust, the developer of a banking app for freelancers that will relaunch as ZenBusiness Money later this year to provide invoicing, payments and merchant services.
Recruit subsidiary Recruit Strategic Partners took part in a $15m series A round in September 2019 that was led by Greycroft and which included Lerer Hippeau and Interlock Partners, Rosecliff Venture Partners and Revolution’s Rise of the Rest Seed Fund.
ZenBusiness raised $4.5m in a February 2018 seed round led by Lerer Hippeau that also featured Greycroft, Slow Ventures, Rise of the Rest, Founders Fund and various individuals.
Ross Buhrdorf, co-founder and chief executive of ZenBusiness, said: “Since the pandemic, we have experienced a 100% increase in growth and seen first-hand incredible resilience and grit among Americans seeking to make their mark as business owners.
“We are proud to play a vital role to help micro businesses, who make up a majority of US businesses, on their path to financial success and economic mobility.”
