Zenefits raises $15 million

Posted Jan 22, 2014

Zenefits is a startup that focuses that helps facilitate the administrative tasks in running a business. Zenefits has announced today that they have raised $15 million to invest in product development, sales, and marketing. Andreessen Horowitz (new investor) was a part of this round with Maverick and Venrock. Zenefits raised a total of $17.1 million in funding. Zenefits was a part of the Y Combinator Winter 2013 class and is based in San Francisco.

Zenefits handles the benefits, payroll, and HR for employers. Zenefits can connect to a company’s existing HR and payroll. The service also guides employers through hiring paperwork, signs up people for payroll, and can figure out tax deductions. It also enrolls employees for benefits and insurance plans. Time off can be tracked as well. If an employee resigns or is fired, Zenefits can help with that transition as well. Zenefits is free and they make their money as an insurance broker. Zenefits doubled their employee count that is enrolled on their platform every weeks, according to VentureBeat. Zenefits works with over 500 companies and over 5,000 employees.