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Gusto 融资 2 亿美元，将工资代发作为打入中小企业福利和金融科技的切入点
2019 年 7 月，Gusto 完成 2 亿美元 D 轮融资，押注美国小企业的工资代发是进入福利、健康保险和金融科技的门户。
Gusto
做的是什么生意
Full-service payroll, benefits and HR software for US small and medium businesses — employers too small for ADP- or Workday-class service but still bound by the labor-law complexity of all 50 states.
启动资金：$200M Series D led by Fidelity Management & Research and Generation Investment Management; earlier rounds per TechCrunch: a $20M Series A led by General Catalyst in 2014 and a $140M round led by Dragoneer in 2018.
起因
Gusto was founded in 2012 by Josh Reeves and launched as ZenPayroll, built on the observation that US small businesses face the full complexity of paying employees — diverse labor laws in all 50 states — while being too small to attract the biggest payroll players. General Catalyst led its $20M Series A in 2014, and the company renamed itself Gusto in 2015 as it added benefits to take on Zenefits.
经过
By mid-2019 Gusto had crossed 100,000 customers out of an estimated six million US small businesses and grown to more than 1,000 employees across San Francisco and Denver. On 2019-07-24 it announced a $200M Series D from Fidelity Management & Research and Generation Investment Management — the 'sustainable' investment firm founded by Al Gore — with existing investors T. Rowe Price, Dragoneer and General Catalyst also in the round, and added Anne Raimondi as its first independent board member. Reeves framed the capital as fuel for two arcs beyond payroll: fintech such as Flexible Pay, which lets employees collect wages they have already earned instead of turning to payday lenders, and helping SMBs offer health insurance — 'we want to be a force for universal healthcare.' The company planned to open an R&D office in New York in September 2019, and had recently hired Google's former head of diversity and inclusion as chief people officer and Square's former head of security as CISO.
结果
As of 2019-07-24 Gusto was live and scaling: 100,000+ customers, more than 1,000 employees and a $200M Series D earmarked for benefits, healthcare and fintech product arcs plus a New York R&D office. The article records no terminal outcome, so later rounds and the company's current scale are outside this case.
背景
Gusto 为美国中小型企业提供全方位工资代发、福利和人力资源软件——这些雇主规模太小，无法获得 ADP 或 Workday 级别的服务，但仍需负责在 50 个州劳动法下支付工资的复杂性。它的赌注是现代软件能够赢得这一被忽视的细分市场，而工资代发是向同一客户销售福利、健康保险和金融科技的切入点。
公司由 Josh Reeves 于 2012 年创立，名为 ZenPayroll，2015 年更名为 Gusto，进入福利领域。到 2019 年 7 月，在估计 600 万家美国小企业中，它拥有超过 10 万客户，并在旧金山和丹佛的团队超过 1000 人。TechCrunch 对融资的报道在 Hacker News 上获得 168 分和 150 条评论。
2019 年 7 月 24 日，Gusto 宣布 Fidelity Management & Research 和 Generation Investment Management 领投的 2 亿美元 D 轮融资，T. Rowe Price、Dragoneer 和 General Catalyst 也参与其中，并增加 Anne Raimondi 为首位独立董事会成员。Reeves 表示资金将扩大产品和团队，并指出工资代发之外的两个产品领域：Flexible Pay，让员工能够提前领取已挣得的工资，无需求助于发薪日贷款，以及帮助中小企业提供健康保险——“我们想成为全民医疗保健的力量。”
融资还资助了纽约研发办公室于 2019 年 9 月开业，同时最近引进的人才包括谷歌前多元化与包容性主管担任首席人力官、Square 前安全主管担任首席信息安全官。Reeves 推迟了 IPO 计划，但指出新投资者是对冲基金，既在公共市场也在私营企业投资，这表明这家昔日的垂直型工资代发服务商已经迈出了多远。
这件事要成立，得有什么
- 这轮融资明确押注切入点：Reeves 将工资代发描述为基础产品，并指出福利、医疗保健和金融科技是资金资助的领域。
- 市场逻辑具体：600 万家美国小企业，50 个州劳动法复杂性使产品难以复制，10 万客户——Reeves 称这只是开始。
- 投资者是一个信号：Fidelity 和 Generation 是对冲基金，而 T. Rowe Price 和 Dragoneer 已经投资该公司，暗示了可能的公开退出。
- 受众信号具体：TechCrunch 公告在 Hacker News 上获得 168 分和 150 条评论，Gusto 首席技术官在评论区捍卫工资代发的工程复杂性。
可借鉴之处
工资代发是转换成本高的切入点：各州不同的合规要求让后来者难以进入，而持续雇主关系让你向同一客户销售福利和金融科技。
后续进展
截至 2019 年 7 月 24 日，Gusto 正在运营和扩展：刚刚宣布 2 亿美元 D 轮融资，纽约研发办公室将于 2019 年 9 月开业，路线图指向在工资代发基础上构建 Flexible Pay 和健康保险产品。该材料没有记录晚于此日期的内容，因此 Gusto 的后续融资轮次和当前规模不在本案范围内。
资料来源
- SMB payroll startup Gusto raises $200M Series D, plans R&D expansion to NYC
- SMB payroll startup Gusto raises $200M Series D, plans R&D expansion to NYC
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