Justworks is looking to its future after closing a $50 million Series E investment.
"We're really excited about this. We had our pick of investors to bring in the capital from, and it's really important to us to surround the company with great people," Isaac Oates, founder and CEO of Justworks, told Cheddar Tuesday. "In terms of what we're focused on, it's really just continuing to expand our operational sophistication and our ability to serve more and more different types of customers."
The new investment is led by Union Square Ventures and FirstMark Capital, and it brings Justworks' total funding to $143 million.
Oates said there are about 85,000 people on the platform, which organizes and provides access to company benefits, payroll, HR tools, and more for small and medium-sized businesses.
Almost all revenue comes from subscription fees paid per employee per month. Oates said the company is currently at about $105 million annual revenue, and continuing to grow. He added the upcoming fiscal year will focus on generating cash.
As for whether Justworks will go after bigger businesses, Oates said the platform is keeping things small.
"While it's impossible to say forever, we are absolutely focused for the foreseeable future on small and medium businesses," Oates said. "We are passionate about them and we just want to make sure we're serving them the best we can."
Higher rents and food prices boosted overall U.S. inflation in December, a sign that the Federal Reserve's drive to slow inflation to its 2% target will likely remain a bumpy one.
Tech companies of all sizes are showing off their latest gadgets at CES 2024 in Las Vegas. And that includes new technology that's changing the world of food and drinks.
Matt Hougan, CIO of Bitwise Asset Management, gives Cheddar the latest on the Securities and Exchange Commission approval of bitcoin ETFs. Hougan calls this time a 'potential major milestone for bitcoin.'
LeBron James has agreed to an exclusive deal with Fanatics Collectibles. James and his son, Bronny, will appear together on a unique sports trading card to herald the Los Angeles Lakers superstar’s new multiyear partnership with Fanatics.
