Justworks Revenue, Valuation, Funding & Investors
Justworks is valued at $70M as of March 2016, a 5.4x multiple on its last reported $13M revenue.
Last Justworks valuation
$70M
Series C · Mar 2016
Last Justworks funding round
$17M
Undisclosed stage · Nov 2023
Justworks revenue
$13M
Series C · Mar 2016
Key investors in Justworks
Index Ventures
Thrive Capital
Bain Capital Ventures
Redpoint
FirstMark
Spark Capital
About Justworks
Justworks is a professional employer organization platform for small businesses. New York-based and founded in 2012, the company handles payroll, taxes, HR, compliance, and benefits through a unified software system. Features include self-service tools and 24/7 support, enabling entrepreneurs to manage workforces across the United States.
Founded
2012
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$13M (Mar 2016)
Valuation
$70M (Mar 2016)
Justworks Valuation
Justworks is currently valued at $70M, based on its Series C in March 2016.
The $33M round was led by Redpoint, with participation from Index Ventures, Bain Capital Ventures, Thrive Capital and Radian Capital.
Justworks valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2016 | Series C | $70M | 5.4x |
Justworks Revenue
Justworks' latest recorded revenue is $13M, as of its Series C in March 2016. At a $70M valuation, that implies a 5.4x revenue multiple.
Justworks revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2016 | $13M | $70M | 5.4x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Justworks Funding History
Justworks has raised a total of $160M across 7 funding rounds.
Justworks' first fundraising round was a $1M seed round in October 2013. The most recent completed round was a $17M undisclosed-stage round in November 2023.
Justworks funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | - | $17M | - | Justworks raised $16.8 million in an unattributed funding round on November 1-2, 2023. The company provides professional employer organization (PEO) services, helping businesses manage payroll, benefits, and HR compliance. This was part of a total of over $159.8 million raised across multiple rounds. For the fiscal year ended May 31, 2021, Justworks reported total revenue of $982.7 million, up 32.4% from $742.4 million the prior year. Gross profit reached $106.1 million, with contribution profit at $139.8 million and income from operations of $12.8 million. |
| Jan 2020 | Series E | FirstMark (lead); Union Square Ventures (lead); Redpoint; Index Ventures; Spark Capital; Latitude; Bain Capital Ventures; Thrive Capital | $50M | - | Justworks is a cloud-based HR platform providing payroll, benefits, HR, and compliance solutions for small and medium-sized businesses (SMBs), operating as a Professional Employer Organization (PEO). It generates revenue primarily from insurance and benefits billing (90% of top line, low gross margin ~6%) and subscription fees for HR/payroll software (10%, high margin >60%), resulting in overall gross margin of 10.8%. The company raised $50M in its Series E round on January 16/28, 2020, led by FirstMark and Union Square Ventures, with participation from Bain Capital Ventures, Index Ventures, Latitude, Redpoint, and Spark Capital, among others; total funding reached $143M across rounds. Later S-1 filing (2022) reports FY2021 total revenue of $982.7M (up 32.4% from FY2020 $742.4M), gross profit $106.1M, contribution profit $139.8M, and income from operations $12.8M, with subscription revenue net retention of 117% and LTV:CAC of 5.7x for periods ended August 2021/May 2021. Justworks supports 4,000+ tax localities, processed $27B+ payroll and $7.9B taxes in 2024, issuing 245k+ W-2s. It did not proceed with 2022 IPO plans and has no immediate public listing intentions. Subsequent developments include a 2023 merger agreement to acquire Via for international expansion. |
| Mar 2018 | Series D | FirstMark (lead); Redpoint; Index Ventures; Thrive Capital; Bain Capital | $40M | - | Justworks, an HR and payroll company founded in 2012, raised $40 million in its Series D funding round announced around March 6-7, 2018, led by FirstMark Capital with participation from existing investors Index Ventures, Thrive Capital, Bain Capital, and Redpoint Ventures. The round brought the company's total funding to $93 million at that time. FirstMark managing director Beth Ferreira joined the Justworks board following the transaction. Justworks provides a compliant platform for HR, payments, benefits, tax filings, employee onboarding, paid time off, and insurance options through partners like MetLife, targeting small businesses with automated, streamlined operations. The funding was intended to support market expansion across the U.S., product innovation, and strengthening its position in the payroll and HR market. The company emphasized a deliberate growth approach, focusing on customer satisfaction, refining its product, and scaling sales before rapid expansion, distinguishing itself by utilizing technology more effectively than competitors. CEO Isaac Oates highlighted simplifying business operations to reduce human error as businesses scale. |
| Mar 2016 | Series C | Redpoint (lead); Index Ventures; Bain Capital Ventures; Thrive Capital; Radian Capital | $33M | $70M | Justworks is a provider of an online payroll and benefits platform designed for small and medium-sized businesses (SMBs), automating payments, payroll, benefits enrollment, and government compliance. The company, founded in 2012 and headquartered in New York City, targets SMBs with under 100 employees but retains scaling customers. In a Series C funding round reported around May 2015 (noted in GrowthCap Research June 2015), Justworks raised $33 million led by Redpoint, with participation from investors including Bain Capital Ventures, Index Ventures, Thrive Capital, and others aligning with the query's listed investors. The post-money valuation was $69.9 million, with a pre-money valuation of $56.9 million, based on estimated trailing 12-month revenue of $13 million as of the round date. This funding came amid rapid growth in the HR tech and fintech sectors, positioning Justworks as a competitor to platforms like Zenefits. The round contributed to Justworks' total funding, which later reached nearly $193 million by 2020, with subsequent rounds including a Series D. Investors valued the company's capital efficiency and market fit in the underserved SMB payroll segment. Financial traction around the period showed strong product-market fit, with the $13 million revenue figure used in valuation models (4.0x revenue multiple implied in growth equity benchmarks). Later SEC filings confirm sustained growth, with fiscal 2021 revenue at $982.7 million, but 2016-era metrics align with early-stage scaling. Justworks continued as an active player, achieving unicorn status later with a $2 billion post-money valuation in a 2020 round. |
| May 2015 | Series B | Bain Capital Ventures (lead); Index Ventures; Thrive Capital | $13M | - | Justworks completed its Series B funding round on May 19, 2015, raising $13 million from Bain Capital Ventures, Index Ventures, and Thrive Capital. The New York-based company, founded in 2012, provides a platform for payroll, benefits, human resources, and compliance targeted at small and medium-sized businesses. |
| Oct 2014 | Series A | Thrive Capital (lead); Index Ventures; Gotham Gal Ventures; Thayer Street Partners | $6M | - | Justworks raised funding in 2014 led by Thrive Capital and Index Ventures, bringing total funding to $7 million following a $1 million seed round in October 2013. The investors included in the query match the reported participants for this early-stage round. Justworks, founded in 2012, provides a next-generation Professional Employer Organization (PEO) platform for HR, payroll, benefits, and compliance. |
| Oct 2013 | Seed | Index Ventures; LocalGlobe; Terrence Rohan; Jos White | $1M | - | - |
Who has invested in Justworks?
15 investors have backed Justworks across its funding rounds, including Index Ventures, Thrive Capital, Bain Capital Ventures, Redpoint, FirstMark and Spark Capital.
Lead investors include FirstMark, Union Square Ventures, Redpoint, Bain Capital Ventures and Thrive Capital.
Justworks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 6 | Participant | Oct 2013 | |
| New York City, NY | 5 | Lead | Oct 2014 | |
| San Francisco, CA | 3 | Lead | Mar 2016 | |
| San Francisco, CA | 3 | Lead | May 2015 | |
| New York City, NY | 2 | Lead | Mar 2018 | |
| London | 1 | Participant | Oct 2013 | |
| San Francisco, CA | 1 | Participant | Jan 2020 | |
| New York City, NY | 1 | Lead | Jan 2020 | |
| United Kingdom | 1 | Participant | Jan 2020 | |
| San Francisco, CA | 1 | Participant | Oct 2013 | |
| New York City, NY | 1 | Participant | Oct 2014 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Jos White | London | 1 | Participant | Oct 2013 |
| Boston, MA | 1 | Participant | Mar 2018 | |
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Start Free TrialAcquisitions by Justworks
Justworks has acquired 2 companies to date.
Last acquisition by Justworks was on September 12th 2023. Justworks acquired Via.work for undisclosed valuation.
Latest Acquisitions by Justworks
| Description | Via.work is a global employer-of-record platform that facilitates hiring, onboarding, and payroll for remote full-time employees and contractors. Operating in over 150 countries, it manages compliance with local tax, labor laws, and benefits administration through in-country legal and HR experts. Companies leverage Via to enter new markets without establishing entities, handling contracts and payments in one dashboard. The service supports scaling distributed teams from testing opportunities to building international hubs. | Justworks Hours is a cloud-based time tracking solution formerly known as Boomr, serving 25,000 customers with mobile apps for shift logging, GPS tracking, and payroll integrations. The platform automates timesheets for mobile workforces, reducing processing time by up to 90% through in-app reminders and reporting for industries like field services and hospitality across the United States. |
| HQ Country | | |
| HQ City | San Francisco, CA | San Diego, CA |
| Deal Date | 12 Sep 2023 | 6 Oct 2020 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Justworks Competitors
Justworks competitors include listed companies like PaySauce, Teamshares and Freee, and private ones like Payslip, Zagace and Every.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Ireland | Private | - | - | $59M | - | |
| San Jose, CA | Private | - | - | $85M | - | |
| San Francisco, CA | Private | - | - | $113M | - | |
 New Zealand | Publicly listed | $4M | ($582K) | $20M | 1.3x | |
| United States | Publicly listed | $472M | ($23M) | $545M | 1.4x | |
 Japan | Publicly listed | $214M | $6M | $1.5B | 4.8x |
Justworks Public Comps
Justworks is still privately-owned, but its public comps include WebCash, Fast Accounting co, AutoCount, Link Bilgisayar, Serko, Creactives Group, Credit Clear, Banqup Group, Kinatico and Human Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $54M | $14M | 0.9x | 0.8x | 3.3x | 3.9x | |||
| $15M | $3M | 3.5x | 2.8x | 18.2x | - | |||
| $18M | $11M | 2.7x | - | 4.6x | - | |||
| $29M | $11M | 2.3x | - | 5.9x | - | |||
| $69M | $35K | 0.9x | 0.8x | 1748.8x | 14.9x | |||
| $8M | $61K | 6.4x | 5.0x | 841.8x | 57.5x | |||
| $43M | $7M | 0.7x | 0.7x | 4.8x | 4.0x | |||
| $59M | ($14M) | 2.5x | 2.2x | (10.9x) | (29.0x) | |||
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Common questions about Justworks
| When was Justworks founded? | Justworks was founded in 2012. |
| Where is Justworks headquartered? | Justworks is headquartered in New York City, NY, United States. |
| Is Justworks publicly listed? | No, Justworks is a private, VC-backed company. |
| What is Justworks' valuation? | Justworks was last valued at $70M in its Series C in March 2016. |
| How much funding has Justworks raised? | Justworks has raised $160M across 7 funding rounds. |
| What was Justworks' last funding round? | Justworks' last funding round was a $17M undisclosed-stage round in November 2023. |
| Who are Justworks' investors? | Justworks' investors include Index Ventures, Thrive Capital, Redpoint, Bain Capital Ventures, FirstMark, LocalGlobe, Spark Capital, Union Square Ventures, Latitude, Terrence Rohan and 5 others. |
| What is Justworks' revenue? | Justworks' latest recorded revenue is $13M (March 2016). |
| What is Justworks' revenue multiple? | Justworks' latest valuation implies a 5.4x revenue multiple ($70M valuation on $13M of revenue). |
| Which companies are comparable to Justworks? | Companies comparable to Justworks include Payslip, Zagace, Every, PaySauce, Teamshares and Freee. |
| How many companies has Justworks acquired? | Justworks has acquired 2 companies, including Via.work and Justworks Hours. |
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