How cloud-software startup Gusto won over investors and small businesses by breaking away from the pack. Presented by TMobileBusiness.
Joshua Reeves, the contemplative CEO of the cloud-based payroll startup Gusto, couldn't have predicted the pandemic and the resulting ripple effects that nearly savaged his business and the public markets.
Shortly after the lockdowns, many of Gusto's customers, from coffee shops to florists, had to close or defer payments, and the company's revenue shrunk."No one had a crystal ball," Reeves laterAnd while the events of the last three years have tested the payroll provider in countless ways, Gusto now seems to be in a good position to chase Reeves'.
"They have for many years demonstrated consistent high growth with a very strong business model," Laela Sturdy, a general partner at CapitalG and a board observer at Gusto, said. While she wouldn't comment on the timing of a possible IPO, she said that with Gusto's discipline around balancing growth and profitability,"they'll be well-positioned when the time is right.
But for Gusto to find a warm reception on the public markets, it has to prove to potential investors it can keep up with the competition.Founded in 2011, Gusto makes software that small and medium businesses use to manage their employee-related needs, including onboarding, payroll, health benefits, and retirement accounts. It runs on the cloud, so customers can collaborate with their teams and access their accounts at any time on smartphones or tablet devices.
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