Zenefits Raises $15 Million of Second Round Funding
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San Francisco, California – Zenefits, an HR and payroll management software has raised $15 million of series B funding from top angel investor Andreessen Horowitz and existing investors Maverick, and Venrock venture capital firms.
The new funding will be used to finance product development, sales and marketing strategies. Zenefits HR software is free and is currently used by more than 500 companies and more than 5,000 employees.
“Most HRIS systems are static; they aren’t connected to anything else. So when you update information in one place, it doesn’t update in others,” Parker Conrad, the co-founder of Zenefits said. “If you move or get married, that has to be changed with HR, payroll, medical insurance, life insurance, etc. It is a huge administrative headache that requires a full-time staff. With us, it all happens automatically.”
Funding Total: $15,000,000
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|Investors: Andreessen Horowitz, Maverick Capital, Venrock Associates|