Justworks, a New York-based provider of an online payroll and benefits platform, raised $1m in seed funding.
The round was led by Index Ventures with participation from Daring Journey Ventures and angel investors.
The company intends to use the funds for further product development, sales efforts and geographic expansion nationwide.
Founded in 2013 by CEO Isaac Oates, Justworks provides new businesses with a solution to to set up manage payroll and offer large-company benefits while ensuring legal compliance.
The dashboard allows companies to make it easy to fill out forms such as the I-9 and offers direct deposit and processes payments for contractors (a free service), salaried employees and hourly workers.
On the platform, companies can also offer full medical, dental and vision coverage and process payments, files required taxes, files for workers’ comp and handle other legalities for its users.
Currently, it can file over 5,000 different types of taxes at the federal, state and local levels and is licensed in 25 states, including Alabama, Alaska, Arizona, California, Colorado, Delaware, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Massachusetts, Missouri, Nebraska, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Dakota, Texas, Virginia, Washington D.C., and Washington State and plans to be nationwide in 2014.
FinSMEs
16/10/2013