HR software firm Gusto has hit a $10bn valuation following its latest funding round, amid work-from-home measures in which it thrived.
The company secured $175m in a funding round in recent weeks, its CEO Josh Reeves told Forbes, after bagging $200m in capital last year.
The capital rally was led by T. Rowe Price and also included existing investors Fidelity, Franklin Templeton, Generation and General Catalyst.
Gusto more than doubled its revenue from May last year to April, Reeves added, as companies turned to the software firm while grappling with the newfound pitfalls of remote working.
“The last year and a half just made it very clear,” Reeves said, “what we do is very relevant.”
The software boss did not disclose Gusto’s revenue figures, but instead said that that company generated “several hundred million dollars” in annual revenue.
Now one of the most valuable private companies in the HR and payroll software sphere, Gusto is eyeing an initial public offering (IPO) for next year.
With the firm’s customer base just recently surpassing 200,000, Gusto will use the latest bout of funding to develop its benefits and payroll tools.