Business

Practically Every Notable Founder In Silicon Valley Just Invested In This Payroll Startup

Posted November 19, 2014 10:00 pm

Taylor Lorenz

<img style="float:right;" src="http://static1.businessinsider.com/image/546df6f269bedd1b34dac8f3-800-533/zenp.jpg" border="0" alt="zenp">The payroll-processing startup ZenPayroll just announced more than 50 previously undisclosed angel investors, and the list reads like a who's who of Silicon Valley.

The investors who joined the $20 million Series A round range from celebrities like Ashton Kutcher and Jared Leto to Karen Mills, the former head of the US Small Business Administration, and a laundry list of famed startup CEOs from Evernote, Eventbrite, Stripe, Constant Contact, SurveyMonkey, WordPress, and Instagram.

Founders from PayPal, Yahoo, Reddit, Nest, Twitter, HubSpot, and Mint also contributed.

"When you're building a business for the next fifty years, it's all about the people," Joshua Reeves, CEO and cofounder of ZenPayroll, said in a press release. "This incredible group of leaders built companies from the ground up, and they want to help us solve this problem because they've experienced it firsthand."

"We pretty much got our dream list of investors. And we're really grateful," he told us.

"It's always great to invest alongside great entrepreneurs and VCs," PayPal cofounder Max Levchin told us in an email.

ZenPayroll hopes to eliminate the notorious headache that is payroll processing. The company hopes to streamline the complicated systems of legacy vendors like ADP and Paychex by offering a simpler cloud-based system that can automate all payroll tax calculations and payments, as well as provide direct deposit to employees.

The app also allows for paperless filing of all payroll-related government documents, the ability for employees to donate a portion of their paycheck to charity, and easy-to-read, visually clear pay stubs.

ZenPayroll has more than quadrupled its rate of payroll processing since its first round of funding, currently processing over $1.5 billion in annual payroll for thousands of small businesses across the United States.

"Right now we have a very strong focus on small businesses, and sub-100 person companies," Reeves says. "We are not just taking these investors to convert them to clients, it's about getting a chance to talk to these people who have been in our shoes."

ZenPayroll plans to use this latest round of funding to complete its nationwide expansion and eventually grow to support larger companies.

Here are some of ZenPayroll's new investors:

<ul>

<li>Trip Adler, CEO and cofounder of Scribd</li>

<li>Ed Baker, head of growth at Uber</li>

<li>Charlie Cheever, cofounder of Quora</li>

<li>Patrick Collison, CEO and cofounder of Stripe</li>

<li>Dave Goldberg, CEO of SurveyMonkey</li>

<li>Gail F. Goodman, CEO of Constant Contact</li>

<li>Kevin Hartz, CEO and cofounder of Eventbrite</li>

<li>Ryan Holmes, CEO and cofounder of Hootsuite</li>

<li>Ashton Kutcher, actor and investor</li>

<li>Jared Leto, actor, musician, and investor</li>

<li>Max Levchin, cofounder of PayPal</li>

<li>Phil Libin, CEO and cofounder of Evernote</li>

<li>Steve Loughlin, CEO and cofounder of RelateIQ</li>

<li>Tobias LÃ¼tke, CEO and cofounder of Shopify</li>

<li>Karen Mills, former head of the US Small Business Administration</li>

<li>Matt Mullenweg, CEO and cofounder of WordPress</li>

<li>Alexis Ohanian, cofounder of Reddit</li>

<li>Adam Nash, CEO of WealthFront</li>

<li>Aaron Patzer, cofounder of Mint</li>

<li>Matt Rogers, CTO and cofounder of Nest</li>

<li>Justin Rosenstein, cofounder of Asana</li>

<li>Dharmesh Shah, CTO and cofounder of HubSpot</li>

<li>Clara Shih, CEO and cofounder of Hearsay Social</li>

<li>Josh Silverman, president of US consumer services at AMEX, former CEO of Skype</li>

<li>John Suh, CEO of LegalZoom</li>

<li>Kevin Systrom, CEO and cofounder of Instagram</li>

<li>Evan Williams, cofounder of Twitter</li>

<li>Jerry Yang, cofounder of Yahoo</li>

<li>Marco Zappacosta, CEO and cofounder of Thumbtack </li>

</ul>

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