Small business payroll, benefits, and HR technology platform Gusto secured $140 million in a Series C funding round. Leading late-stage investors including portfolios managed by T. Rowe Price Associates, Inc., MSD Capital (Michael Dell), Dragoneer Investment Group, and Y Combinator Continuity Fund participated in the round, as well as existing investors General Catalyst, CapitalG, Kleiner Perkins, 137 Ventures, and Emergence Capital.
Launched in 2012, Gusto’s platform is designed to process tens of billions of dollars of payroll and empower employers to provide health insurance, 401(k) retirement plans, and 529 college savings plans that traditionally only larger companies could offer their employees. According to the company, it serves more than one percent of all employers in the US.