New York City-based human resources and payments platform Justworks has raised $13 million in Series B funding. Bain Capital Ventures led the round with participation from previous backers Thrive Capital and Index Ventures.
NEW YORK – May 19, 2015 – Justworks, the fast and simple-to-use HR and payments platform, today announced a $13M Series B funding round led by Bain Capital Ventures with returning investors Thrive Capital and Index Ventures. The company will use its current funding to invest in its core technology and build out its team to support its
explosive growth. In the past year, Justworks has increased its revenue by 1500 percent and its user base by 800 percent.
Designed by entrepreneurs for entrepreneurs, Justworks gives small and medium-sized companies the bandwidth and budget to focus on their business. It automates payments, payroll, HR admin, benefits enrollment and government paperwork. Unlike other HR SaaS providers, Justworks offers employers healthcare savings of up to 30 percent by partnering directly with carriers such as Blue Cross Blue Shield. The simple platform makes the difficult and expensive parts of growing a business easy and affordable.
“No entrepreneur starts a company to spend endless hours on HR and government paperwork. I’ve been there – twice – and saw the need to create a simple, streamlined experience that also provides significant healthcare savings,” said Isaac Oates, Justworks’ founder and CEO. “My goal is to help entrepreneurs find more hours in the day and save money, so they can focus on growing their business and attracting top talent.”
“With more and more companies entering the HR software space, Justworks has built a fast, simple yet comprehensive platform that streamlines benefits, payroll and compliance,” said Matt Harris, Managing Director at Bain Capital Ventures. “Unlike others in the sector, Justworks has also focused on forging partnerships with healthcare carriers that bring significant cost savings to small and medium-sized businesses. This differentiator has positioned the company for a tremendous growth opportunity ahead.”
Based in New York, Justworks is licensed in all 50 states to guarantee legal employment compliance irrespective of employee location. The announcement follows the addition of several new hires. Nick Thuesen, the former Chief Architect at Tumblr, joins Justworks as its Head of Engineering. Camilla Velasquez, previously Director of Payments and Multichannel Sales at Etsy, is now Justworks’ Head of Product.
Justworks is the simplest way for growing businesses to pay people and offer benefits. Its comprehensive platform automates payments, payroll, HR admin tasks and government paperwork while saving employers up to 30 percent on healthcare.
Justworks is headquartered in New York City and is funded by Bain Capital Ventures, Thrive Capital, Index Ventures and others. For more information, visit Justworks.com.
About Bain Capital Ventures
Bain Capital Ventures (BCV) provides seed through growth capital for companies focused on technology and technology-enabled services primarily for enterprise customers. BCV invests across sectors including infrastructure software, application software, FinTech and healthcare. Select BCV investments include ABILITY Network, BloomReach,
Docusign, Gainsight, Infusionsoft, Kiva Systems, Liazon, LinkedIn, Optimizely, Rapid7, SolarWinds, SurveyMonkey. TellApart and VMTurbo. As the venture capital affiliate of Bain Capital, a leading global alternative assets firm, BCV has partnered with more than 200 companies since 1984 to start, build, commercialize and grow their businesses. BCV has approximately $3 billion of assets under management and has offices in the Bay Area, New York City and Boston. Follow BCV at @BainCapVC