Wednesday, May 6, 2015

Zenefits, After Successful Utah Battle, Gets $500M

Zenefits, the Silicon Valley startup which offers up human resources automation software--for free--and which had been battling legal issues in Utah, has scored $500M in a Series C funding, the company said today. The company said the funding gives it a post-money valuation of $4.5 billion. Zenefits had been locked in a battle with Utah's insurance department, which had banned Zenefits in the state, until the state specifically passed a law making the service legal. Zenefits gives away its software, in exchange for the chance to sell insurance to those companies. Utah Governor Gary Herbert signed a law in April with Zenefits, citing the state's commitment to supporting disruptive technology companies. More information »