Zenefits $500 million raise means growth in Arizona
After launching in April 2013, Zenefits, the leading cloud HR platform, has raised a jaw-dropping amount of $500 million in a Series C round of funding led by Fidelity Management and Research Company and TPG-putting their valuation at $4.5 billion. This round is considered the largest private or public (IPO) financing round of any SaaS company since October 2012 – only Cloudera’s Series F last year was larger than Zenefits, according to CB Insights.
Co-founded by Parker Conrad and Laks Srini, they set out to disrupt the human resource arena and automate all the mundane paperwork such as payroll, compliance and health insurance. Their free system to customers helps HR representatives manage their employees from one location quickly and efficiently.
To date, Zenefits has signed up more than 10,000 companies across 48 states serving over 100,000 employees.
This traction and growth has led Zenefits to be deemed “one of the fastest-growing startups in Silicon Valley history” by the New York Times.
In November 2014, Zenefits expanded to Old Town Scottsdale, bringing with it over 1,300 jobs.
According to a Zenefits representative, this raise means growth for the Arizona office. “Zenefits has been growing our team in Arizona- across all functions of the company – over the past eight months, and we expect to continue to grow in Arizona as we work to reach out to millions of small businesses across the country.”
The company said the raise will also be used to release new products and features to serve the needs of small businesses.