Justworks raises $50 million
Justworks, “the nation’s fastest-growing HR technology company,” announced the close of a $50 million Series E investment. Union Square Ventures and existing investor FirstMark Capital led the round, which brings Justworks’ total funding to $143 million. All other existing investors in Justworks, including Bain Capital Ventures, Index Ventures, Redpoint Ventures, Spark Capital, and Thrive Capital, also participated in the Series E.
Founded in 2012, Justworks democratizes access to big-company benefits, health and wellness providers, payroll, HR tools and compliance support for “thousands of the most promising entrepreneurs” and their over 86,000 employees across the US.
“Justworks reinvented the PEO model by delivering an experience people love. The modern workforce expects simplicity and seamlessness in the tools they use and technology that empowers them to do things by themselves. By combining SaaS flexibility, transparent pricing and off-the-shelf functionality with 24/7 expert support for customers and their teams, Justworks provides an unmatched PEO offering for the modern business. This new investment will help us to strengthen these advantages and double down on our growth as the expectations of an increasingly millennial workforce continue to drive ever more B2B buying decisions.” – Isaac Oates, founder and CEO of Justworks.
“Justworks has raised the bar on what people can expect from a PEO. Their software is elegant, intuitive and easy-to-use, and Justworks’ technology and operating model allows them to serve small and medium-sized businesses better than anyone else in the market. This has led to rapid growth and, more importantly, the creation of a category-defining offering that drives levels of customer retention and satisfaction that are simply unheard of in the HR services space. We are pleased to welcome Justworks to our portfolio and to be their partner in creating a fundamentally better PEO product for the modern workforce.” – Fred Wilson, partner at Union Square Ventures.
“Working with Isaac and his team as a Board member for two years now, I have seen how the Justworks team rallies around its mission to level the playing field for entrepreneurs and help teams achieve their potential. In that time, Justworks has more than doubled in size and realized significant operational sophistication and efficiency at scale. We are strong believers in the company as they continue to push forward to revolutionize the HR industry.” – Beth Ferreira, partner at FirstMark Capital.
Bottom Line: Read our Q&A with David Feinberg, VP of Insurance & Risk at Justworks.
