ZenBusiness, an online platform to help small businesses incorporate and
stay compliant with regulators, announced last week that it has raised $200
million in additional funding.
That makes ZenBusiness Austin’s newest Unicorn,
which is a company that is valued at more than $1 billion. ZenBusiness’ Series
C round values the company at $1.7 billion.
Oak HC/FT led the
round with backing from SoftBank Vision Fund 2, and existing investors Cathay
Innovation and Greycroft.
Founded in 2017,
ZenBusiness provides digital tools, fintech solutions, educational resources,
and customer support to entrepreneurs, gig workers, online sellers, real estate
investors, artists, and freelancers.
platform has grown more than 400 percent since March 2020. It has more than
With the latest
funding, ZenBusiness plans to continue to develop its products for
entrepreneurs. The ZenBusiness app provides information on how to form an LLC
and create a website along with information on how to level up a business. It’s
also going to focus on its fintech products including invoicing and tax
revolutionized the process of launching and running a successfulbusiness,”
Ross Buhrdorf, Founder and CEO ofZenBusiness said in a news release.
“Like Shopify did for e-commerce,ZenBusinessis creating the
category-defining solution for the service sector, providing an easy-to-use
platform with embedded fintech solutions so entrepreneurs can turn their ideas
into money-making realities. We handle the ‘businessstuff’ so our
customers can focus on their passion and build the life they want, stress-free
and without sacrificing their well-being.”
During the pandemic,
many people created their own businesses and ZenBusiness saw a surge in demand
for its platform and products, according to the company.
offerings change the game for how entrepreneurs manage and track their
finances,” Matt Streisfeld, Partner at Oak HC/FT said in a news release. “By
democratizing financial management,ZenBusinessis simplifying
merchant services and putting financial power back in the hands ofbusinessowners.
We’re thrilled to partner withZenBusinessat a time when
entrepreneurs are now more than ever in need of digital tools to help them grow
and become successful.”
have surged during the pandemic and this next generation of entrepreneurs need
the right technology tools and resources that help them grow their businesses
from an idea to a successful reality,” Kristin Bannon, Investment Director at
SoftBank Investment Advisers said in a news release. “ZenBusinessis
building the new ‘operating system’ for growing businesses with support from a
team of trusted experts who are changing the face of entrepreneurism in the US.
We are excited to be partnering with Ross and the team to create the simplest
way to start and run a successfulbusiness.”
In addition to the
funding,ZenBusinessannounced that billionaire investor and
entrepreneur Mark Cuban will be joining the company as a passionate advocate
and spokesperson to accelerate the company’s transformation into a trusted and
beloved brand for entrepreneurs.
“As a serial
entrepreneur, I understand the challenges that come with launching and running
your ownbusiness,” Cuban said. “Butbusinessowners don’t have
to do it alone. They can have an expert every step of the way to guide them on
their journey towardsbusinesssuccess.ZenBusinessis that
personalbusinesscoach, helping hundreds of thousands of
entrepreneurs get their businesses off the ground. I am proud to be an advisor
to this inspirational team and serve as a brand advocate, representing the
future of entrepreneurism in the U.S.”