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Zenefits has grown its revenue from $1m to $20m in less than 12 months. With this trajectory the company should grow to $100m in recurring revenues by 2015. Amazing for a company that provides its platform for free while receiving commissions as an insurance broker.
In a presentation this afternoon, Conrad will reveal that at the close of its fiscal year this month, Zenefits will surpass $20 million in annually recurring revenue after less than two years in business. That’s up from $1 million at the same time last year, which means the company grew 20x over the last 12 months. Based on its current growth trajectory, Zenefits expects annually recurring revenue to grow to $100 million over the next year. That might not seem like a lot, especially given the amount of money it’s raised since being founded (about $85 million) and its most recent valuation ($500 million). ... It took SaaS businesses like Workday and Salesforce about four years to reach $20 million in annual recurring revenue; and it took each of them about five or six years to hit $100 million...
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