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All The Cool Kids in Tech Wanna Talk About Payroll

Hey brother, can you spare a few million so I can pay a bunch of people?

In another sign that tech is the new finance, everyone who's anyone in the Silicon Valley in-crowd is now throwing money at a startup that is literally all about getting paid.

ZenPayroll has raised a $60 million Series B round led by Google Capital, the company announced Monday. The new round of funding, which also had participation from Emergence Capital Partners, Ribbit Capital, General Catalyst, Kleiner Perkins, and Google Ventures, brings the payroll-processing startup's total funding to $86.1 million.
Launched two years ago, ZenPayroll aims to reduce the pain and room for error for business owners who hand-process payroll.

Google's VC arm is just the latest Valley prospector to find potential gold in the future of a company that dwells in some pretty dull stuff. For previous ZenPayroll investors like Ashton Kutcher and Jared Leto, giving money to a FinTech startup that works in the minutiae of business life is a departure from previous investments in startups that deal in mattresses, jets and super cool t-shirts.

But ZenPayroll is already valued at more than half of a billion dollars and growing fast. The new money will be put towards adding 200 to the company's existing headcount.

ZenPayroll, which is valued at $560 million, says it processes billions of dollars in payroll annually, and by the end of this month, will work with businesses in every US state. And it's not just ZenPayroll's client base that's growing — its employee count is too. At the beginning of the year, ZenPayroll had 60 employees. Now, it has about 84 employees; by the end of 2015, it plans to have 300.

Perhaps even more intriguing is the fact that ZenPayroll's seemingly swift ride to the top is so far immune to such things as crappy jobs reports.

Google Capital just led a $60 million investment in a startup that solves every business owner's biggest headache [BI]



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