Payroll, benefits, and HR software for small and mid-sized businesses
Fintech📍 San Francisco, CAFounded 2011
Current Valuation
$9.3B
as of 2025-Q2
UNICORN
Gusto (originally ZenPayroll, founded 2011 in Y Combinator) is the full-stack payroll, benefits, and HR platform for US small and mid-sized businesses, serving roughly 400,000+ employers. The company hit a $9.5B private valuation in its August 2021 Series E led by T. Rowe Price and Generation IM and has grown into a roughly $975M-revenue business by 2025, up ~30% YoY. Gusto Embedded — its payroll-as-a-service API — extends the platform's reach into vertical SaaS partners. Widely viewed as one of the most-anticipated 2026 fintech IPO candidates as the SMB-software IPO window reopens.
Company Profile
CEO
Josh Reeves
Founded
2011
HQ
San Francisco, CA
Employees
~3000
Total Raised
$716M
Est. Revenue
$975M (2025)
Growth
Passed $1B in revenue in 2026, the threshold that usually precedes a listing; last marked at $9.3B in a $200M+ employee tender in June 2025, a slight step down from the $9.5B Series E of 2021
Last Round
Employee tender offer — $200M (Jun 2025)
IPO Status
rumored
Fundraising Status
Employee tender offer · $200M · 1y 2mo ago
rumoredTotal raised $716M
Secondary Market
Implied price / share
$18.4
Last round price / share
$30.4
vs last round
-39.5%
Open interest
5
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
Employee tender offer
$200M
Jun 2025
—
$9.3B
Founders & Key People
Josh ReevesEdward KimTomer London
Investors
General Catalyst · Generation Investment Management · T. Rowe Price · Y Combinator · Kleiner Perkins · CapitalG · Dragoneer · Fidelity · MSD Capital · Franklin Templeton
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2025-Q2. Refreshed quarterly.