US-based cloud-based payroll services provider ZenPayroll secured $60m yesterday in a series B round led by Google Capital, internet company Google’s growth equity fund.
Google Ventures, which acts as Google’s corporate venturing unit, also participated in the round alongside Emergence Capital Partners, Ribbit Capital, General Catalyst and Kleiner Perkins Caufield & Byers (KPCB).
General Catalyst and KPCB oreviously provided $20m for the company’s series A round in February 2014 after Google Ventures, cloud computing company Salesforce and assorted angel investors supplied $6.1m in seed funding for ZenPayroll in 2012.
Launched in 2012, ZenPayroll ccurrently processes the payroll of more than 10,000 small businesses across 47 US states and the District of Columbia (DC).
The company plans on operating in all 50 states and DC by the end of this year and is expanding its teams across all departments, including sales and marketing, customer support, engineering, design, content and management.
Laela Sturdy, partner at Google Capital, said: “ZenPayroll has changed payroll from an impersonal transaction into a meaningful connection between employers and employees, and we are delighted to join in their mission to free people to do their best work.
“They are growing at an incredible rate and we are excited to see how they will continue to help small businesses around the country.”