Cloud-Based Payroll Company ZenPayroll Raises $6.1 Million In Seed Funding
ZenPayroll is a cloud-based payroll service for businesses that want to pay employees through a mobile device. ZenPayroll has raised $6.1 million in seed funding from investors like Aaron Levin (Box founder), David Sacks (Yammer founder), Drew Houston (Dropbox founder), Jawed Karim (YouTube co-founder), Jeremy Stoppelman (Yelp founder), Kris Duggan (Badgeville co-founder), and Larry Augustin (SugarCRM CEO). Other investors that participated in this round include Google Ventures, Salesforce.com, Y Combinator, Sherpalo Ventures, and several others.
ZenPayroll competes with online payroll services offered by large companies like Bank of America, Intuit, ADP, and Paychex. ZenPayroll claims that they will be able to save companies time by “automating all payroll tax calcuations and payments, providing direct deposit, and filing all payroll-related government documents paperlessly.” ZenPayroll has a dashboard, payroll automation, automatic tax payments, employee access, benefit management, time off monitoring, etc.
[Source: TNW]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry