May 19, 2015
New York-based HR and payment company Justworks 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. According to Justworks, in the past year, the company has increased its revenue by 1500 percent and its user base by 800 percent.
Justworks offers small and medium-sized companies automated payments, payroll, HR admin, benefits enrollment, and government paperwork through their platform. 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.
“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.”
Justworks is licensed in all 50 states to guarantee legal employment compliance irrespective of employee location.
“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,” said Matt Harris, Managing Director at Bain Capital Ventures.
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.
Image Credit: Flickr/Chris Potter
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