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."
Sinead O’Sullivan breaks down Taylor Swift’s genius marketing for The Life of a Showgirl, which just set the record for most albums sold in a single week.
Markets are emerging from a turbulent Q3. Horizon’s Mike Dickson shares insights on interest rates, small caps, and where investors should look in Q4 and beyond
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
