Total amount raised
$30.4 Millions
Latest funding date
Location
Zeal has successfully raised $30,205,972 over three funding rounds, including a Series B round of $15,000,000. The platform is designed to streamline operations for staffing companies, offering solutions for onboarding, payment, and billing.
Keep reading to explore the intricacies of Zeal's fundraising journey and the investors backing this innovative platform.
What Is Zeal?
Zeal, founded in 2018, operates in the software industry, specifically focusing on staffing and recruitment solutions. The company is based in San Francisco, California, and was founded by Kirti Shenoy and Pranab Krishnan.
With an employee count ranging from 11 to 50, Zeal provides integrated software solutions designed to streamline operations for staffing companies. Their platform offers features for onboarding, payment, and billing, aiming to reduce operational costs, improve worker retention, and unlock new revenue streams.
How Much Funding Has Zeal Raised?
- Pre-Seed Round
- Amount Raised: $150,000
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Zeal's platform and establish initial operations.
- Seed Round
- Amount Raised: $1,400,000
- Date: March 2020
- Lead Investors: BoxGroup, Long Journey Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: $13,805,972
- Date: June 2021
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series B
- Amount Raised: $15,000,000
- Date: October 2024
- Lead Investors: Portage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To introduce product innovations and meet the demands of modern workforces.
Total Amount Raised: $30,355,972. Current Valuation: Not publicly disclosed.
Key Investors
- Portage Ventures
- Details: Portage Ventures is a global investment platform focused on FinTech and Financial Services. It operates in the United States, Canada, and Europe and is part of Sagard, a global multi-strategy alternative asset management firm with over $25 billion under management.
- Investment Focus Areas: FinTech, Financial Services
- Notable Investments: Not publicly disclosed
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in early and growth-stage companies. It has a diverse portfolio and is known for backing innovative technology companies.
- Investment Focus Areas: Technology, Financial Services
- Notable Investments: Twitter, Slack, Oculus
- Commerce Ventures
- Details: Commerce Ventures specializes in investing in companies that are transforming commerce. They focus on financial technology and retail technology sectors.
- Investment Focus Areas: Financial Technology, Retail Technology
- Notable Investments: Marqeta, Bill.com
What's Next for Zeal?
Zeal stands at the cusp of significant growth, driven by the increasing demand for flexible and automated payroll systems. With the recent $15 million Series B funding, the company is poised to introduce innovative solutions like remote I-9 with E-Verify, custom paperwork, and digital wallets. These advancements cater to the evolving needs of staffing companies, gig platforms, and HR service providers.
Future fundraising opportunities seem promising as Zeal continues to expand its product offerings and capture a larger market share. The successful Series B round sets a strong precedent for potential Series C funding. However, the company may face challenges in keeping up with rapid technological advancements and ensuring compliance across various jurisdictions. Competition from other payroll solution providers also remains a significant hurdle.
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