Gusto, a San Francisco, CA-based payroll, benefits and HR technology platform for small businesses, raised $140m in Series C funding round.
Backers included T. Rowe Price Associates, Inc., MSD Capital (Michael Dell), Dragoneer Investment Group and Y Combinator Continuity Fund joined by existing investors General Catalyst, CapitalG, Kleiner Perkins, 137 Ventures, Emergence Capital and others.
The company intends to use the funds to add new capabilities to its platform.
Led by Josh Reeves, co-founder and CEO, Gusto provides a payroll, benefits and HR technology platform to allow employees to manage when and how they get paid. The company recently launched Flexible Pay, which lets employees choose when they want to get paid, regardless of their employer’s pay schedule and without affecting their employer’s payroll or cash flow.
Launched in 2012, Gusto serves over 60,000 companies nationwide, processes tens of billions of dollars of payroll and allows employers to provide benefits like health insurance, 401(k) retirement plans and 529 college savings plans.
The company has offices in San Francisco and Denver.