Wagepoint, a Kitchener, ON, and Halifax, NS, Canada-based HR tech company specializing in online payroll, raised $2m in seed funding.
The round was led by venture capital firm Extreme Venture Partners, with participation from Business Development Bank of Canada (BDC), Atlantic Canada Opportunities Agencies (ACOA) as well as Canadian and US angel investors.
The company intends to use the funds to accelerate its penetration into the US market, and enhance its product portfolio.
Launched in 2013 by Shrad Rao, CEO, Wagepoint provides an online payroll solution for small business owners to automate and simplify processing payroll with direct deposit; payroll calculations; federal, state and local taxes; 1099s, W2s and W3s; wage detail reports; new hire reporting; additional deductions; payments to contractors; additional incomes and online paystubs.
The company today operates throughout Canada and all fifty US states and territories, serving nearly 700 customers in a wide range of industries from technology startups, to retailers, to consultants and service providers.