Gusto Raises $175M in Series E Funding

Gusto, a San Francisco, CA-based provider of a platform for small businesses to manage payroll, benefits, and more, raised $175M in Series E funding.

The round was led by T. Rowe Price Associates, Inc., from new and existing investors Sands Capital, Fidelity Management and Research Company LLC, Durable Capital Partners LP, Generation Investment Management, Emerson Collective, Glynn Capital, Friends & Family Capital, Cross Creek, 137 Ventures, General Catalyst, Emergence Capital, Dragoneer Investment Group, Franklin Templeton, Acrew Diversify Capital Fund, and more.

The company intends to use the funds to continue to expand operations and business reach.

Led by CEO Josh Reeves, Gusto provides customers with an online people platform for small businesses to take care of their teams with payroll, health insurance, 401(k)s, expert HR, and team management tools. The company recently acquired Symmetry, a leader in payroll infrastructure technology, and Ardius, an expert AI-powered R&D tax credit solution and introduced Gusto Embedded Payroll, which enables software developers to embed and customize payroll directly into their software.

Nearly 100 third-party integrations enable businesses to manage operations, from expense management and time-tracking, to banking and workforce forecasting. 

The company is also adding two new independent members to Gusto’s Board in September: Lori Dickerson Fouché and Vicki Fuller.

Lori Dickerson Fouché’s career in insurance, banking, and financial services spans multiple decades. She has led TIAA Financial Solutions, Prudential’s Group Insurance, Annuities and Individual Solutions businesses, was the CEO of Fireman’s Fund Insurance Company, and currently sits on the boards of The Kraft Heinz Company, Hippo Holdings, and is a Princeton University trustee. 

Vicki Fuller is bringing her experience in financial services to the Gusto board. Previously, Vicki was the Chief Investment Officer of the $200 billion New York State Common Retirement Fund. She currently serves on the Board of Directors for The Williams Companies, and the Board of Trustees for Fidelity Investments’ Equity and High Income Funds and Blackstone Credit.