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HISTORICAL P100 / #40

Gusto

HR & Payroll · United States

Historical ranking valuation$9.50BSource snapshot: Jun 19, 2026
Financing events8
Named participants39
Captables stories1

Disclosed primary funding in this record

$601.1M

Sum of non-overlapping disclosed USD amounts in confirmed primary financing entries in this record, including separately labeled equity components; not verified lifetime funding. Excludes amounts already included in a later round, announced, reported, database-only, debt, secondary and unclassified events.

6 confirmed primary rounds with disclosed USD amounts · Record through 2026-09-25
THE BUSINESS

Get to know Gusto.

Gusto provides payroll, benefits and HR software for businesses. Its products cover employee and contractor payments, tax filing, hiring and onboarding, time tracking and benefits administration.

Gusto product overview ↗Source checked Sep 24, 2026

Valuation history

Valuations reported at the time of each round.

Flat to 2021 Series E, reported; exact valuation unverifiedSeries E extension (reported) · ReportedSource ↗
$9.5B reportedSeries E · ConfirmedSource ↗
$3.8B reportedSeries D · ConfirmedSource ↗
$2.0B reportedSeries C · ConfirmedSource ↗
$1B pre-money reportedInsider follow-on financing (series designation unverified) · ReportedSource ↗
$560M reportedSeries B · ConfirmedSource ↗
$100M-plus reportedSeries A · ConfirmedSource ↗

Funding history

Funding rounds, debt and other financing events.

8sourced events · record as of 2026-09-25

Gusto founder/issuer releases establish $175M Series E, $200M Series D, $140M Series C, $60M Series B, $20M Series A and $6.1M seed; the exact confirmed-primary subset is $601.1M. The roughly $55M Series E extension is a May 12, 2022 first-hand reported estimate, not an issuer-announced exact primary size or a second fresh Series E. A separate $50M late-November 2015 insider financing is reported from a CEO interview. Valuations not in the cited issuer release remain labeled reported. This is not a full legal financing register or independent all-round approval.

May 12, 2022LATEST SOURCED
primary

Series E extension (reported)

Investors undisclosed

The contemporaneous report calls the extension amount opaque and approximately $55M; it does not establish an exact issuer-primary amount, round close or Friends & Family Capital as extension lead. A secondary tranche/tender accompanied the original 2021 financing and is not added here.

AmountApproximately $55M reportedValuationFlat to 2021 Series E, reported; exact valuation unverified
Aug 10, 202107
primary

Series E

T. Rowe Price Associates (lead) · Sands Capital · Fidelity Management & Research · Durable Capital Partners · Generation Investment Management · Emerson Collective · Glynn Capital · Friends & Family Capital · +7 more

Amount$175MValuation$9.5B reported
Jul 24, 201906
primary

Series D

Fidelity Management & Research Company · Generation Investment Management · T. Rowe Price Associates · Dragoneer · General Catalyst

The founder names five selected round participants but does not identify a lead or confirm the imported valuation.

Amount$200MValuation$3.8B reported
Jul 31, 201805
primary

Series C

T. Rowe Price-advised portfolios · MSD Capital · Dragoneer Investment Group · Y Combinator Continuity Fund · General Catalyst · CapitalG · Kleiner Perkins · 137 Ventures · +1 more

The issuer release calls these participating investors but does not designate co-leads; the valuation comes from reporting rather than the release.

Amount$140MValuation$2.0B reported
Nov 201504
primary

Insider follow-on financing (series designation unverified)

Google Capital · General Catalyst · Obvious Ventures

CEO told TechCrunch on December 21 that the $50M opportunistic insider financing had occurred in late November. Exact November day and Series B-2 label are unverified; the report states $1B pre-money, not the imported $1.1B figure. No individual co-lead was identified.

Amount$50M reportedValuation$1B pre-money reported
Apr 6, 201503
primary

Series B

Google Capital (lead) · Google Ventures · Emergence Capital Partners · Ribbit Capital · General Catalyst · Kleiner Perkins

The issuer release does not state a $560M valuation; that figure is attributed to contemporaneous reporting.

Amount$60MValuation$560M reported
Feb 19, 201402
primary

Series A

General Catalyst (lead) · Kleiner Perkins (lead)

Founder release supports $20M and names General Catalyst and Kleiner Perkins; it does not give a precise $100M valuation.

Amount$20MValuation$100M-plus reported
Dec 11, 201201
primary

Seed

Google Ventures · Y Combinator · Sherpalo Ventures · Data Collective · Aaron Levie · David Sacks · Drew Houston · Jawed Karim · +5 more

The issuer lists backers but does not identify a lead or individually allocate the $6.1M.

Amount$6.1MValuationUndisclosed

Financing participants

Investors, lenders and other parties named in funding announcements.

T. Rowe Price Associates

Series E · Aug 10, 2021 · Lead participant · primary · Confirmed · Confirmed source ↗

Series D · Jul 24, 2019 · Participant · primary · Confirmed · Confirmed source ↗

Sands Capital

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Fidelity Management & Research

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Durable Capital Partners

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Generation Investment Management

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Series D · Jul 24, 2019 · Participant · primary · Confirmed · Confirmed source ↗

Emerson Collective

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Glynn Capital

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Friends & Family Capital

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

General Catalyst

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Series D · Jul 24, 2019 · Participant · primary · Confirmed · Confirmed source ↗

Series C · Jul 31, 2018 · Participant · primary · Confirmed · Confirmed source ↗

Insider follow-on financing (series designation unverified) · Nov 2015 · Participant · primary · Reported · Reported source ↗

Series B · Apr 6, 2015 · Participant · primary · Confirmed · Confirmed source ↗

Series A · Feb 19, 2014 · Lead participant · primary · Confirmed · Confirmed source ↗

Dragoneer Investment Group

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Series C · Jul 31, 2018 · Participant · primary · Confirmed · Confirmed source ↗

Franklin Templeton

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Acrew Diversify Capital Fund

Series E · Aug 10, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Fidelity Management & Research Company

Series D · Jul 24, 2019 · Participant · primary · Confirmed · Confirmed source ↗

T. Rowe Price-advised portfolios

Series C · Jul 31, 2018 · Participant · primary · Confirmed · Confirmed source ↗

Y Combinator Continuity Fund

Series C · Jul 31, 2018 · Participant · primary · Confirmed · Confirmed source ↗

Google Capital

Insider follow-on financing (series designation unverified) · Nov 2015 · Participant · primary · Reported · Reported source ↗

Series B · Apr 6, 2015 · Lead participant · primary · Confirmed · Confirmed source ↗

Obvious Ventures

Insider follow-on financing (series designation unverified) · Nov 2015 · Participant · primary · Reported · Reported source ↗

Emergence Capital Partners

Series B · Apr 6, 2015 · Participant · primary · Confirmed · Confirmed source ↗

Ribbit Capital

Series B · Apr 6, 2015 · Participant · primary · Confirmed · Confirmed source ↗

Sherpalo Ventures

Seed · Dec 11, 2012 · Participant · primary · Confirmed · Confirmed source ↗

Jeremy Stoppelman

Seed · Dec 11, 2012 · Participant · primary · Confirmed · Confirmed source ↗

Ownership evidence

Opening ownership research…

Captables coverage

Deals / Captables

Gusto's latest round: $55M Series E

Gusto's latest public financing record lists $55M in its Series E dated May 16, 2022 at a reported valuation of $9.5B. Captables places the event in the company's disclosed funding history.

Captables Newsroom · 58d ago
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