Workday challenger Zenefits raises $15 million – Reuters

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Jan 22 (Reuters) – Zenefits, a human resources software company that is taking on industry giant Workday, said it had raised $15 million in financing led by venture firm Andreessen Horowitz.

While the San Francisco-based company focuses on small and medium businesses for now, it plans one day to target bigger businesses, said Andreessen general partner Lars Dalgaard, who is joining Zenefits’ board.

Zenefits makes money by fees collected from insurance companies when it refers its clients for insurance. Its core services are free.

Enterprise-oriented software is attracting big investments in ventures after the stock market success of companies like analytics company Tableau, marketing company Marketo, and in 2012, Workday.

Existing investors Maverick Capital and Venrock participated in the funding round.

Reporting by Sarah McBride in San Francisco

Photo courtesy of Shutterstock

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