Houston-based human resources and benefits management platform company GoCo has raised $7 million in Series A funding led by ATX Seed Ventures along with the investment arm of UpCurve (a wholly owned subsidiary of New Media Investment Group).
Founded in 2015 by Nir Leibovich (CEO), Jason Wang (CTO), and Michael Gugel (chief product officer), GoCo has raised a total of $12.5 million including this round. Some of GoCo’s existing investors include Salesforce Ventures, Corp Strategics, GIS Strategic Ventures (the venture arm of Guardian Life Insurance), and Digital Insurance. And ATX Seed Ventures returned for this investment.
With this round of funding, GoCo will be hiring across all of its departments and further develop its platform. Plus the company will broadly expand the company’s customer base. GoCo is also exploring a partnership to bring its technology to UpCurve’s nationwide distribution network as the premier HR solution. And this could enable GoCo to leverage New Media’s 200,000+ active customer relationships and local markets reach an additional 5 million SMB customers.
GoCo offers paperless HR functions such as employee onboarding, cloud-storage document management, eSignature workflows, time-off tracking, and HR data reporting. Plus it pairs with simplified benefits enrollment and management, payroll sync, and HR compliance management.
“UpCurve’s investment in GoCo demonstrates our commitment to empowering businesses with the best technology solutions, and after a year of carefully vetting dozens of potential HR tech platforms, we found GoCo to be the most intuitive and robust on the market,” said UpCurve CEO Peter Cannone. “Investing in and potentially partnering with GoCo to bring it to our vast network of businesses was an easy decision. The company reimagines modern HR at its finest, and we look forward to helping spur GoCo’s rapid growth.”
In the past two years, GoCo grew its customer base of employers into thousands. The customers range from a wide variety of sizes and verticals like retailers, school districts, tech companies, real estate brokerages, hospitality organizations, etc. This year, GoCo is planning to quadruple its number of employees.
“We are doubling down on our investment in GoCo, as it is positioned to become the platform of choice for HR professionals to break out of the chains of outdated and complex HR duties, and empowers them to spend more time on their employees and higher value tasks,” added ATX Seed Ventures managing partner Chris Shonk. “GoCo is simply the best platform solution to do all this, and their increasing customer base supports it.”
GoCo has partnerships with employee benefit insurance agencies such as OneDigital and PayneWest and general agencies like Word & Brown. Plus GoCo auto-syncs with payroll providers such as ADP, PayChex, Paylocity, and Intuit Quickbooks.