Responding to the Pandemic: ZenBusiness Secures $55M in Series B Funding to Accelerate the Micro Business Renaissance

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ZenBusiness, a Public Benefit Corporation, is a one-stop digital
platform with the mission to make starting, running, and growing a
new business simple and accessible. With its largest funding round
to date, the company has just closed on a $55 million Series B
funding round.

Earlier this month, ZenBusiness, an
Austin-based public benefit corporation, announced the close of a
$55 million Series B funding round. The organisation’s new round
of funding gives it the crucial ammunition it needs to continue to
execute its mission to enable micro-businesses to start from the
ground up.

The round, led by global venture fund Cathay
Innovation
, will enable ZenBusiness to invest in its
customers by offering an expanded suite of services which includes
an all-inclusive digital platform designed to make creating,
building, and running a business more simple than ever before.

“ZenBusiness is revolutionizing entrepreneurship, the
lifeblood of the economy and job creation, as the new ‘operating
system’ for micro-businesses that allows aspirers to become
business owners,” says Alex Lazarow, Investment
Director, Cathay Innovation. “As a worldwide
investment firm, we pride ourselves in backing innovative and
impactful companies in every corner of the globe. During this
critical time of economic uncertainty, the ZenBusiness platform is
uniting a fragmented market for SMB solutions and will be a core
enabler of a global movement by making starting, running and
growing a business more accessible for everyone.”

Other participants in the Series B round, which included $55
million in equity, were GreatPoint
Ventu
res, Breyer
Capital
, and Omega Venture Partners.
Existing investors who took part include Greycroft
(led Series A), Lerer Hippeau Ventures (led Series
Seed), Interlock Partners, mark
vc
, and ATX Venture Partners.

“What the ZenBusiness team is doing is a real game-changer not
just for their customer base but also for our country. By creating
a centralized place for micro-businesses to form, learn, connect,
grow and thrive, ZenBusiness is playing a key role to help ensure
that the future for aspiring entrepreneurs is bright,” says
Jim Breyer, Founder ofBreyer Capital and the
first institutional investor in Facebook. “We
are proud to support ZenBusiness as the company revolutionizes the
future of small business, diversifies our economy, and creates a
path for more people to turn their dreams into a reality.”

The funding will help fuel ZenBusiness’s transformation into a
one-stop digital platform designed to enable business success.
Following its acquisition of fintech platform
Joust, it will also launch ZenBusiness Money later
this year, making ZenBusiness one of the only all-inclusive
business toolkits on the market featuring everything from the
initial incorporation, web-development and domain registration to
important solutions such as invoicing and payments solutions, and
merchant services that businesses need as they grow.

Zenbusiness’s mission is to deliver the country’s tens of
millions of micro business entrepreneurs with the simplest and most
convenient way to start, run, and grow their businesses. Since
launching in 2018, more than 80,000 micro businesses have used the
Zenbusiness platform to form their companies. This comes at a time
when tools like Zenbusiness are more important than ever
before.

According to a September 2020 study
from Upwork, “Two million Americans have started
freelancing in the past 12 months due to the pandemic, with 60%
reporting that there is no amount of money that would convince them
to take a traditional job again.”

“Since the pandemic, we have experienced a 100% increase in
growth and seen first-hand incredible resilience and grit among
Americans seeking to make their mark as business owners,” says
Ross Buhrdorf, CEO & Co-Founder of
ZenBusiness. “We are proud to play a vital role to help
micro-businesses, who make up a majority of U.S. businesses, on
their path to financial success and economic mobility. We are all
in to help our customers — 87% of whom are first-time business
owners — make the transition from just a side hustle to full-time
entrepreneurship and focus on turning their business dreams into a
reality.”

The company is also
announcing ZenBusinessU, which will roll out in
2021. This educational platform will provide micro-businesses
access to a tailored curriculum, a community of experts and peers,
and interactive seminars addressing specific business needs and key
learnings to create a blueprint for growth, that will rival many
other alternative MBA programs, allowing participants to learn on
the job.

With all sectors of business being impacted by the effects of
the COVID-19 Pandemic, starting a new company has never been more
challenging. Organizations such as ZenBusiness offer a
one-stop-shop for entrepreneurs looking to turn their idea into a
company and gives them the tools they need to navigate the early
stages of operation.

The post
Responding to the Pandemic: ZenBusiness Secures $55M in Series B
Funding to Accelerate the Micro Business Renaissance
appeared
first on The Fintech
Times
.

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