This payroll company just added to their bankroll

Gusto has just authorized a new Series D-2 preferred stock which will double the valuation to $7.5 billion if all Series D-2 shares are issued. The online payroll, HR, compliance and benefits platform is previously backed by Fidelity Management & Research, Generation Investment Management, Dragoneer, General Catalyst, T. Rowe Price, CapitalG and Emergence Capital to name a few. The most recent Series D-2 round follows $188 million raised for Series D. The terms surrounding the Series D-2 include pari passu liquidation preference with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $26.00, an up round from Series D at $13.3124.

Building a people platform for small businesses has been our plan from the beginning. We started with payroll in 2012 because it’s core to every business. We added employee self-onboarding in 2013; health insurance benefits in 2015; 401(k) in 2016; time-off requests in 2017; time tracking and flexible pay in 2018; and there’s much more to come. We’re going to continue doubling down on research and development, so we can further expand Gusto’s people platform and solve even more pain points for our customers. – Gusto


Deal Breakdown

*$7.5b valuation assumes issuance of all Series D-2 shares

Q2 2021 Reconstitution Report


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