San Francisco based benefits, payroll, and HR software provider raised $175m in Series E funding led by T. Rowe Price.
Among those who took interest was Ken Chenault, who had just left his role as CEO of American Express and was leading investments for General Catalyst. Looking around at other successful tech companies that target small business, Chenault is bullish that Gusto becomes a fixture in the industry. “From a marketplace standpoint and penetration, they’re in the early innings,” Chenault says. “They have to establish themselves as a critical infrastructure for the SMB economy, much like Shopify has done with its commerce platform.”