Total amount raised
$30.4 Million
Latest funding date
10/01/2024
Location
Zeal has successfully raised funding over four rounds, with the latest being a Series B round. The company is backed by 14 investors, including Commerce Ventures and Portage Ventures.
Zeal's platform is designed to streamline operations for staffing companies, offering products like Onboard, Pay, and Bill to improve efficiency and unlock new revenue streams. Keep reading to explore the intricacies of Zeal's fundraising journey and the investors backing this innovative platform.
What Is Zeal?
Zeal is a financial technology company based in San Francisco, California, specializing in software solutions for staffing companies. The company focuses on automating and streamlining onboarding, payroll, and billing processes to improve efficiency and unlock new revenue streams.
Founded with the aim of making staffing operations faster and easier, Zeal serves various industries, including healthcare, industrial, and hospitality. The company employs between 11 and 50 people, offering a fully digital and compliant platform that integrates seamlessly with other tools.
How Much Funding Has Zeal Raised?
- Pre-Seed Round
- Amount Raised: USD 150,000
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their platform and validate the business model.
- Seed Round
- Amount Raised: USD 1,400,000
- Date: March 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A Round
- Amount Raised: USD 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 Round
- Amount Raised: USD 15,000,000
- Date: October 2024
- Lead Investors: Portage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To innovate and provide cutting-edge payroll solutions for modern work environments.
Total Amount Raised: USD 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.
- Investment Focus Areas: FinTech, Financial Services.
- Notable Investments: Not publicly disclosed.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups across various stages and sectors, particularly in technology and media. They have a history of supporting innovative companies.
- Investment Focus Areas: Technology, Media, Startups.
- Notable Investments: Twitter, Slack, Oculus.
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that focuses on investing in early-stage companies in the commerce ecosystem. They aim to transform retail, financial services, and insurance sectors.
- Investment Focus Areas: Retail, Financial Services, Insurance.
- Notable Investments: Bill.com, Marqeta, Socure.
What's Next for Zeal?
Zeal stands at the cusp of significant growth, driven by the increasing demand for flexible and automated payroll solutions. With the recent $15 million Series B funding, the company is poised to introduce innovative features like Remote I-9 with E-Verify, custom paperwork, and digital wallets. These advancements cater to the evolving needs of modern staffing companies, gig-work platforms, and HR service providers.
Future fundraising opportunities appear promising as Zeal continues to expand its product offerings and market presence. The successful Series B round sets a strong foundation for potential Series C funding, attracting further investments to support its growth. However, the company may face challenges in integrating new solutions with existing systems and ensuring compliance with various regulations. Despite these hurdles, Zeal's commitment to innovation positions it well for future success.
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