Andreessen Horowitz Leads $66.5M Series B for Zenefits
June 04, 2014
Zenefits, a free, SaaS-based HR platform, has raised $66.5 million in Series B funding at a reported $500 million valuation. The round was led by Andreessen Horowitz and included participation from Institutional Venture Partners, SV Angel and Hydrazine Capital. Zenefits automates a slew of time-consuming administrative HR tasks that companies otherwise have to handle manually, including benefits and payroll enrollment, on-boarding new hires and off-boarding departing employees, compliance, employee life events, health insurance and more.
Working with more than 2,000 companies to help manage over 50,000 employees, Zenefits will use the funds to prepare for substantial growth in 2015, continue building out its core HR technology, and scale its operations and support infrastructure to meet growing demand. The company raised its Series A round, a $15 million investment also led by a16z, just this past January. One of its main competitors, Workday, racked up over $267 million of funding since 2006 from investors like NEA, Interwest Partners and Greylock, before going public in 2012.