ZenBusiness Raises $200 Million and Becomes Austin’s Newest Unicorn


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.

The ZenBusiness

platform has grown more than 400 percent since March 2020. It has more than

200,000 customers.

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

software.

“ZenBusiness has

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.

“ZenBusiness’s fintech

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.”

“Newbusinessformations

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.”



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Post Author: Adam Jacob

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