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 | 137 Ventures, Acrew Diversify Capital Fund, Cross Creek, Dragoneer Investment Group, Durable Capital, Emergence Capital, Emerson Collective, Fidelity, Franklin Templeton, Friends & Family Capital, General Catalyst, Generation Investment Management, Glynn Capital, Partner Ventures, Sands Capital, T. Rowe Price | |
|
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
--
Key Investors
137 Ventures, Acrew Diversify Capital Fund, Cross Creek, Dragoneer Investment Group, Durable Capital, Emergence Capital, Emerson Collective, Fidelity, Franklin Templeton, Friends & Family Capital, General Catalyst, Generation Investment Management, Glynn Capital, Partner Ventures, Sands Capital, T. Rowe Price
|
||||||
| 07/24/2019 | Series D | $205MM | $xx.xx | $3.88B | Dragoneer Investment Group, Fidelity, 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
--
Key Investors
Dragoneer Investment Group, Fidelity, General Catalyst, Generation Investment Management, T. Rowe Price
|
||||||
| 07/31/2018 | Series C | $136.08MM | $xx.xx | $2.31B | Dragoneer Investment Group, Msd Capital, T. Rowe Price, 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
--
Key Investors
Dragoneer Investment Group, Msd Capital, T. Rowe Price, Y Combinator
|
||||||
| 07/31/2018 | Series C-1 | $15MM | $xx.xx | $2.31B | Dragoneer Investment Group, Msd Capital, T. Rowe Price, 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
--
Key Investors
Dragoneer Investment Group, Msd Capital, T. Rowe Price, Y Combinator
|
||||||
| 12/21/2015 | Series B-2 | $90MM | $xx.xx | $1.09B | General Catalyst, Gv, 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
--
Key Investors
General Catalyst, Gv, Obvious Ventures, Pivot Investment Partners
|
||||||
| 04/06/2015 | Series B | $79MM | $xx.xx | $560MM | Altimeter Capital Management, Cota Capital, Emergence Capital Partners, General Catalyst, Gv, Kevin Colleran, Kindling Capital, Kleiner Perkins Caufield & Byers, 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
--
Key Investors
Altimeter Capital Management, Cota Capital, Emergence Capital Partners, General Catalyst, Gv, Kevin Colleran, Kindling Capital, Kleiner Perkins Caufield & Byers, Ribbit Capital
|
||||||
| 02/19/2014 | Series A | $25.75MM | $xx.xx | $130.76MM | General Catalyst, Gv, Homebrew, Kleiner Perkins Caufield & Byers, Rothenberg Ventures, Wayne Chang, Y 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
--
Key Investors
General Catalyst, Gv, Homebrew, Kleiner Perkins Caufield & Byers, Rothenberg Ventures, Wayne Chang, Y Ventures
|
||||||
| 12/11/2012 | Series Seed | $6.07MM | $xx.xx | $20.22MM | Atom Factory, Data Collective, Gv, Salesforce Ventures, Sherpalo Ventures, Signatures Capital, Start Fund, Y Combinator | |
|
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
--
Key Investors
Atom Factory, Data Collective, Gv, Salesforce Ventures, Sherpalo Ventures, Signatures Capital, Start Fund, Y Combinator
|
||||||
| Last Funding Round | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Forge Price Change 5 | Last Closed Trade | Share Class | Post-Money Valuation | Price per Share | Amount Raised | |
 | OpenAI | $469.47 | -0.01% | $xx.xx | Funding Round | -- | -- | -- |
 | Anduril | $40.88 | -3.86% | $xx.xx | Series G | $30.5B | $xx.xx | $2.5B |
 | Figma | $38.00 | +0.03% | $xx.xx | Series E | $10B | $xx.xx | $200MM |
 | Cerebras | $31.35 | -0.16% | $xx.xx | Series F-1 | $2.87B | $xx.xx | $420MM |
 | Kraken | $32.68 | +9.15% | $xx.xx | Series B | $5.52B | $xx.xx | $52.5MM |
 | HeartFlow | -- | -- | $xx.xx | Series E | $1.65B | $xx.xx | $305MM |
 | Firefly Aerospace | -- | -- | $xx.xx | Series D-4 | $3.49B | $xx.xx | $100MM |
 | Netskope | $14.50 | +8.45% | $xx.xx | Series H | $7.5B | $xx.xx | $300MM |
 | Discord | $239.72 | +6.61% | $xx.xx | Series I | $15B | $xx.xx | $500MM |
 | Klarna | $37.31 | +21.02% | $xx.xx | Unknown | -- | -- | -- |
Updated on: Jul 15, 2025
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