Everee raises $10 million
Everee, “an intelligent payroll platform for small and medium sized businesses,” has closed a Series A financing round of $10 million co-led by Origin Ventures and Signal Peak Ventures.
Founded in 2018, the Salt Lake City-based startup claims to be the only full-featured payroll platform that provides multiple flexible pay options for employees at no cost to them and no change in cash flow to the employer. Its Pay Your Way feature allows employees to choose to consistently get paid daily or weekly. It also offers Pay On Demand, which allows employees to draw on all of their earned pay when they need it, at no additional cost to them.
“The funding is a strong validation of our business model and our mission. The standard two-week pay cycle is broken and unnecessary. It puts too many people in a tough financial position, especially at a time when so many are living paycheck to paycheck. I’m thrilled that our new investment partners see our vision to change the way people and companies think about payday. With their financial commitment and domain expertise in early-stage software companies, Origin and Signal Peak will help us execute our vision more rapidly.” – Everee CEO Brett Barlow.
“Our firm is excited to partner with Everee because we know its leadership team has the experience, insight and commitment to customers that helps companies succeed today. Its mobile-first payroll technology and flexible pay capabilities fits well with our focus on disruptive startups addressing the expectations of a new generation of users.” – Brent Hill, Managing Partner at Origin Ventures.
“Signal Peak is committed to partnering with the most-innovative tech startups. Everee is well-timed as consumer preferences shift toward more frequent pay with the growth of the gig economy. We believe the market will continue to move toward payroll solutions that provide simple, mobile experiences for both employers and employees.” – Ben Dahl, Managing Director of Signal Peak Ventures.