Wagepoint, a payroll-focused human resources software company, has raised $2 million in seed funding for its cloud-based payroll software solution.
The round was led by Extreme Venture Partners. Business Development Bank of Canada, Atlantic Canada Opportunities Agency and angel investors also took part.
“Payroll is an inherently complicated process,” said Shrad Rao, CEO of Wagepoint. “There is no error for margin and taxes are difficult for the common small business owner to understand. Small businesses have to navigate complicated technology that is built mainly for the needs of larger enterprises.”
“Larger enterprise software is bloated with features that small businesses don’t always need, and as such, these options tend to also be quite pricey,” he added.
Rao’s company helps millions of small businesses – even those who don’t have payroll experience – to make running payroll simple and fast with a cloud-based payroll software solution.
“The HR technology market is on the cusp of an exciting transformation,” Rao added. “More and more businesses are looking at automating this area, and investors are taking notice. Our seed round is an example of that.”
Wagepoint is planning to use the capital to help scale the business and accelerate growth and product offerings in the United States.
“Our Google-size vision is to automate all small business processes related to workforce management, starting with payroll and evolving to include paid time off management, time tracking, benefits and virtual employee gift cards,” Rao said.
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