HR and benefits platform GoCo has raised $7m for its Series A round which was led by ATX Seed Ventures, the investment arm of SME product provider UpCurve.
Other contributions to the round were made by unnamed strategic investors. Through this new capital burst, the company will look to hire staff across all departments, boost platform development in order to provide more services and expand the customer base of the platform.
In addition to funding, Upcurve is exploring a potential partnership with GoCo. A deal would enable UpCurve to provide its customers with the HR and benefit solution, which could in turn raise GoCo’s customer base by five million, the company claims.
Founded in 2015, GoCo offers paperless HR tools to support employee onboarding, secure cloud-based document storage and management, e-signatures, HR data reporting and time-off tracking. It also supplies benefits enrolment and management, payroll tools and HR compliance.
Compliance teams can use GoCo to access a centralised recordkeeping platform which securely stores all necessary information around benefits and payroll. It services can improve employment eligibility, federal and state taxes, benefit compliance, ACA compliance, and PTO compliance.
The company has witnessed strong growth over the past two years, having increased its user-base by 10x.
ATX Seed Ventures managing partner Chris Shonk said, “We are doubling down on our investment in GoCo, as it is positioned to become the platform of choice for HR professionals to break out of the chains of outdated and complex HR duties and empowers them to spend more time on their employees and higher value tasks. GoCo is simply the best platform solution to do all this, and their increasing customer base supports it.”
Following the closing of this round, the company has raised a total of $12.5m in equity. Previous investors into GoCo include Salesforce Ventures, Corp Strategics, GIS Strategic Ventures, and Digital Insurance.
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