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ZenBusiness snags US$55M Series B

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The Austin-based public-benefit corporation raised $55 million led by Alex Lazarow of Cathay Innovation, which will be used to continue growing the company and expand its services. The company hit more than 150 employees (who are operating remotely today), and is looking to add 100 or more in the next year.

What’s driving the company’s growth? For one, while the economy has been hit hard over the past few months in the wake of COVID-19, many small businesses suddenly needed to figure out an online strategy and also potentially apply for licenses and other regulatory requirements in multiple states if employees were operating remotely.

The company says that its revenue grew 100% this year, and it now has more than 80,000 small businesses who have launched on its platform. The company is now on the third generation of its website builder tool, and has also expanded many of its other features as well.

One new area of growth for ZenBusiness has been adding financial services to its product suite under the label of ZenBusiness Money. The startup bought Joust Banking a few months ago, a startup that had raised $4.6 million to offer freelance financial services. Those services are now being integrated into ZenBusiness, and Joust co-founder Lamine Zarrad is now SVP of Product for the company.

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