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."
Stocks are moving tentatively Monday, as Wall Street waits to see whether a pivotal meeting in the afternoon will help the U.S. government avoid a potentially disastrous default on its debt.
Scores of Boston University students turned their backs on the head of one of Hollywood's biggest studios, and some shouted “pay your writers,” as he gave the school's commencement address Sunday in a stadium where protesters supporting the Hollywood writers' strike picketed outside.
Gov. Ron DeSantis is asking that a federal judge be disqualified from the First Amendment lawsuit filed by Disney against the Florida governor and his appointees, claiming the jurist's prior statements in other cases have raised questions about his impartiality on the state's efforts to take over Disney World's governing body.
Ford CEO Jim Farley says the company will stop competing in over-served market segments and instead will place big bets on connected vehicles and digital services. The days of Ford being all things to all people are over, Farley said at the company's capital markets day event Monday.
The European Union slapped Meta with a record $1.3 billion privacy fine Monday and ordered it to stop transferring users personal information across the Atlantic by October, the latest salvo in a decadelong case sparked by U.S. cybersnooping fears.
Joanne Rodriguez, founder and CEO of Mycocycle Inc., joined Cheddar News to discuss how her company uses mushrooms to decarbonize construction waste. "Mycocycle was started to address the waste mismanagement issue we have," she said. "Globally, we've got overflowing landfills that are creating human and environmental health issues."
The World Economic Forum recently released its future of jobs report and broke down what abilities employers are looking for. Julia Pollak, chief labor economist at ZipRecruiter, joined Cheddar News to discuss what top, in-demand job skills are needed in the rapidly-changing economy.
