Reeves: One-third of US businesses get fined annually for payroll tax errors
Josh Reeves · He's 32 and raised $136m in Funding But It's About More Than That with Josh Reeves EP 186: · Mar 5, 2016 · at 5:18
Gusto co-founder and CEO Josh Reeves discusses the market pain point and regulatory complexity that led to creating automated payroll software.
0:00 / 0:06exact quote · 6.4s
720p mp4 · rendered on demand · StarZero watermark
“Of the six million companies in the U S every year, about a third of companies get fined for incorrectly doing their payroll taxes.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Josh Reeves
Reeves: Over 98% of Gusto free-trial users convert to paying customers
“So we give folks a one or two month free trial when they start and over 98% convert from the free trial to being a paid customer.”
Reeves: Gusto rejected all VCs in seed round, raised from 20 CEOs
“And so our seed round, which we did in 2012, we actually had several different VC firms offer, and we actually declined all VC firms. We did a seed round with about 20 CEOs, and it was all individuals. And today, We've done that in every round. We have about 7…”
Reeves: Gusto serves over 25,000 paid small business customers across America
“We have now over 25,000 small businesses spread across the country over half a percent of all employers in America using the product, partnering with us.”
Reeves: Unwrap generated thousands daily and reached 40M users
“You know, we were making a few thousand dollars a day in ad revenue. When we got started, we had over forty million users”
Reeves: Gusto raised a $50M insider round, totaling $136M raised
“Yeah, we did a kind of an insider round, fifty million dollars, but the company in aggregate has raised about one hundred and thirty six million.”
Reeves: Gusto had $50M in the bank before its insider round
“We still had fifty million in the bank in December, and basically some of our existing investors were really excited about how we were doing, and were interested in putting in additional capital, and so we basically set terms and then welcomed them in as incre…”