Zenefits today said it has raised $500 million in a round led by Fidelity and TPG at a whopping $4.5 billion valuation.
The company, which allows small- and medium-sized businesses to manage human resources services in a much simpler fashion, is one of the fastest-growing SaaS businesses ever, and in an interview, Zenefits CEO Parker Conrad said the big round was raised to keep the company growing as quickly as it already is.
“If you think about it like we’re driving a car, we want to go extremely fast at an extremely high speed, and go very far,” Conrad said. “And if you want to do that you’re gonna burn a lot of gasoline. So this round we had to do the mother of all pit stops for gas and beef jerky, to continue building at the speed that we’re going.”
Still, such rapid growth doesn’t come without a cost…
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