HR and Payroll company Justworks has collected $40m in its Series D funding round led by FirstMark Capital.
Other participants to the round include existing backers Index Ventures, Thrive Capital, Bain Capital and Redpoint Ventures. Following the transaction, FirstMark Capital managing director Beth Ferreira will join Justworks board of directors.
Justworks offers clients with a single, compliant platform for HR, payments, and benefits. The technology can automate the paying of all employee types, while also completing tax filings and ensuring everything meets with relevant regulations.
Employee benefits are also handled through the product, giving access to a selection of medical, dental and vision insurance policies through MetLife. Retirement plans can also be connected to the platform. HR processes include paid time off, employee onboarding, and permissions, among others.
Capital from the round will be used to support its market expansion and product innovation, as well as cementing its position in the payroll and HR market.
FirstMark Capital managing director Beth Ferreira said, “Justworks has built a substantial business beloved by its customers, and they have only just scratched the surface of the products and services that they can offer. FirstMark Capital recognizes that mastering internal operations is a critical element to any company’s success and Justworks has only just begun to revolutionize the industry.”
This capital round brings the company’s total funding efforts to $93m, since its foundation in 2012.
Earlier in the week, Payroll software developer Paychex acquired fellow technology platform Lessor Group, to support the expansion of its services.
At the start of the year, FirstMark Capital contributed to the $75m Series B funding round of Ledger, a crypto wallet company.
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