Gusto (formally ZenPayroll, Inc.) was founded in 2011 by current CEO Joshua Reeves, CTO Edward Kim, and Tomer London. During an interview with Yahoo! Finance in August 2019, Mr. Reeves claimed that Gusto undertaking an IPO was “not if, but when.” He went on to say that he wouldn’t share a timeline. These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Gusto operates at the intersection of cloud computing and human resource management. Their platform provides services ranging from payroll to 401k benefits to health insurance. The company has raised nearly $525 million in Venture Capital funding from investors including Acrew Capital, Akkadian Ventures, Fidelity, AME Cloud Ventures, T. Rowe Price, CapitalG, Aspect Ventures, Ribbit Capital, General Catalyst, Kleiner Perkins, Wasabi Venture Partners, Data Collective, Emergence Capital Partners, Salesforce Ventures, and SV Angel. Per company press releases, Gusto last raised $200 million in July 2019 at a post-money valuation of $3.8 billion.
Funding Date | Share Class | Amount Raised | Price per Share | Post-Money Valuation | Key Investors | |
---|---|---|---|---|---|---|
01/27/2023 | Series E | $364.64MM | $xx.xx | $9.68B | T. Rowe Price, Partner Ventures, Sands Capital, Fidelity, Durable Capital, 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 | |
Price per Share
$xx.xx
Shares Outstanding
11,996,719
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
T. Rowe Price, Partner Ventures, Sands Capital, Fidelity, Durable Capital, 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
|
||||||
07/24/2019 | Series D | $205MM | $xx.xx | $3.88B | Dragoneer Investment Group, Fidelity Management & Research, General Catalyst, Generation Investment Management, T. Rowe Price | |
Price per Share
$xx.xx
Shares Outstanding
15,399,176
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Dragoneer Investment Group, Fidelity Management & Research, General Catalyst, Generation Investment Management, T. Rowe Price
|
||||||
07/31/2018 | Series C-1 | $15MM | $xx.xx | $2.31B | T. Rowe Price, MSD Capital, Dragoneer Investment Group, Y Combinator | |
Price per Share
$xx.xx
Shares Outstanding
2,466,168
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
T. Rowe Price, MSD Capital, Dragoneer Investment Group, Y Combinator
|
||||||
07/31/2018 | Series C | $136.08MM | $xx.xx | $2.31B | T. Rowe Price, MSD Capital, Dragoneer Investment Group, Y Combinator | |
Price per Share
$xx.xx
Shares Outstanding
17,898,291
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
T. Rowe Price, MSD Capital, Dragoneer Investment Group, Y Combinator
|
||||||
12/21/2015 | Series B-2 | $90MM | $xx.xx | $1.09B | Google Capital, General Catalyst, Obvious Ventures, Pivot Investment Partners | |
Price per Share
$xx.xx
Shares Outstanding
17,911,873
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Google Capital, General Catalyst, Obvious Ventures, Pivot Investment Partners
|
||||||
04/06/2015 | Series B | $79MM | $xx.xx | $560MM | Google Capital, Altimeter Capital Management, General Catalyst, Kleiner Perkins Caufield & Byers, Google Ventures, Emergence Capital Partners, Kindling Capital, Kevin Colleran, Cota Capital, Ribbit Capital | |
Price per Share
$xx.xx
Shares Outstanding
28,073,910
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Google Capital, Altimeter Capital Management, General Catalyst, Kleiner Perkins Caufield & Byers, Google Ventures, Emergence Capital Partners, Kindling Capital, Kevin Colleran, Cota Capital, Ribbit Capital
|
||||||
02/19/2014 | Series A | $25.75MM | $xx.xx | $130.76MM | General Catalyst Partners, Kleiner Perkins Caufield & Byers, GV, Wayne Chang, Y Ventures, Homebrew, Rothenberg Ventures | |
Price per Share
$xx.xx
Shares Outstanding
33,526,840
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
General Catalyst Partners, Kleiner Perkins Caufield & Byers, GV, Wayne Chang, Y Ventures, Homebrew, Rothenberg Ventures
|
||||||
12/11/2012 | Series Seed | $6.07MM | $xx.xx | $20.22MM | Data Collective, Google Ventures, Start Fund, Signatures Capital, Salesforce Ventures, Sherpalo Ventures, Y Combinator, Atom Factory | |
Price per Share
$xx.xx
Shares Outstanding
26,060,490
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Data Collective, Google Ventures, Start Fund, Signatures Capital, Salesforce Ventures, Sherpalo Ventures, Y Combinator, Atom Factory
|