Processing your paycheck just got a bit easier for ZenPayroll. About $20 million easier. The payroll management service geared toward small businesses raised the cash in its Series A round of funding, bringing its total funding to $26.1 million.
The investment from Kleiner Perkins Caufield & Byers (KPCB) and General Catalyst Ventures is in addition to the $6.1 million raised in 2012 from the likes of Jawed Karim, co-founder of YouTube, and the CEO of Dropbox.
ZenPayroll currently processes over $400 million in annual payroll for small businesses, up from $100 million in 2012. It also integrates automatic handling of payroll taxes and donations to charities through ZenPayroll Giving.
“ZenPayroll is transforming compensation from the unloved, bureaucratic process it is today, to an opportunity to improve the employer and employee relationship,” said KPCB’s Randy Komisar.
ZenPayroll is in direct competition with other, more established payroll solutions like ADP, Paychex, and Intuit. It aims to be a fundamental part of how every business is run, according to Joshua Reeves, CEO.
“Our mission is not only to modernize payroll, but also to make sure people feel rewarded for their contributions. Compensation should not be an impersonal, transactional event. ”
Plans start at $29 per month for the first 10 employees, and cost $2 per employee thereafter. You can read more about the investment at ZenPayroll’s blog.