SALT LAKE CITY–(BUSINESS WIRE)–April 16, 2020–
Everee, an clever payroll platform for small and medium sized companies, introduced at present it has closed a Series A financing spherical of $10M. Origin Ventures and Signal Peak Ventures co-led the spherical. The funding will speed up the corporate’s progress to help hiring, advance product improvement and develop its gross sales and advertising efforts.
Everee is the one full-featured payroll platform that gives a number of versatile pay choices for workers for gratis to them and no change in money circulation to the employer. Its Pay Your Way function permits workers to decide on to persistently receives a commission day by day or weekly. It additionally gives Pay On Demand, which permits workers to attract on all of their earned pay after they want it, at no extra price to them.
“The funding is a strong validation of our business model and our mission,” mentioned Everee CEO Brett Barlow. “The standard two-week pay cycle is broken and unnecessary. It puts too many people in a tough financial position, especially at a time when so many are living paycheck to paycheck. I’m thrilled that our new investment partners see our vision to change the way people and companies think about payday. With their financial commitment and domain expertise in early-stage software companies, Origin and Signal Peak will help us execute our vision more rapidly. “
The Series A announcement comes two months after appointing Barlow as CEO. Barlow, who previously served as chief brand officer at Pluralsight and was a senior marketing leader at Skullcandy, has taken multiple companies from startup stage to IPO. The company’s executive team includes finance, product and engineering veterans from Teem, In-Moment and Tanner LLC.
“Our firm is excited to partner with Everee because we know its leadership team has the experience, insight and commitment to customers that helps companies succeed today,” mentioned Brent Hill, Managing Partner at Origin Ventures who has joined Everee’s board of administrators. “Its mobile-first payroll technology and flexible pay capabilities fits well with our focus on disruptive startups addressing the expectations of a new generation of users.”
Ben Dahl, Managing Director of Signal Peak Ventures, may even be part of Everee’s board.
“Signal Peak is committed to partnering with the most-innovative tech startups,” mentioned Dahl. “Everee is well-timed as consumer preferences shift toward more frequent pay with the growth of the gig economy. We believe the market will continue to move toward payroll solutions that provide simple, mobile experiences for both employers and employees.”
The Series A marks a significant milestone for the corporate, which began when co-founder Ron Ross noticed a necessity for an improved payroll expertise for admins and extra versatile pay cycles for workers. The thought got here after realizing his daughter was struggling to pay her payments though she made sufficient to cowl them. She stored working out of cash as a result of the timing of her payday and payments didn’t match.
“I wanted to challenge the status quo of the two-week pay cycle while also creating the payroll admin experience I had always wanted,” mentioned Ross, who serves as president and chief working officer and has greater than a decade of expertise working in monetary and accounting roles. “It’s so rewarding to hear from customers about how our platform simplifies their payroll processes and provides a life-changing benefit for their employees. The support of these financial partners will allow us to reach even more businesses and their teams.”
Everee is an clever payroll platform for small and medium sized companies. Started in 2018 by monetary leaders who have been uninterested in outdated payroll software program, Everee’s platform contains an embedded timeclock, cell app, automated payroll runs and simplified supervisor verifications. Its Pay Your Way function boosts worker happiness and retention by permitting individuals to decide on to receives a commission day by day, weekly or on-demand after they want it. For extra info, go to https://everee.com.
About Origin Ventures
Origin Ventures is a enterprise capital ﬁrm based in 1999 primarily based in Salt Lake City and Chicago, primarily centered on Seed and Series A fairness investments in corporations constructing services and products for the Digital Native financial system. The companions are former operators and engineers with a mixed 75+ years of enterprise investing expertise and have produced $4.2B of combination firm exit worth. Previous investments embody Grubhub, Teem, Ahalogy, Cameo, 155, BacklotCars, and Tovala. For extra info, go to www.originventures.com.
About Signal Peak Ventures
Signal Peak Ventures is an early-stage enterprise capital fund that invests in know-how corporations in established markets, primarily outdoors of Silicon Valley. We make investments at an organization’s inflection level as entrepreneurs discover product-market match and are able to scale aggressively. We again distinctive groups which are attacking massive issues in a novel method. For extra info, go to https://www.spv.com.
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Kyle Rosebush, VP of Growth/Marketing