Waterloo-based Wagepoint announced today a $2 million injection of seed funding that will assist the company to expand its services into the United States and “enhance its product portfolio to make the online payroll experience even better.” The seed funding was led by Extreme Venture Partners, BDC, Atlantic Canada Opportunities Agencies (ACOA), and several Canadian and US angel investors.
Wagepoint launched in June 2013 and was part of the Communitech HYPERDRIVE Cohort 4. Wagepoint’s online payroll product, “Pay”, allows small and medium-sized business to handle direct deposits, government remittances and year-end T4’s for both salaried and hourly employees. The company serves nearly 700 customers throughout Canada and the U.S. and has processed well over $40 million in annual payrolls.
“Very simply, we’re redefining payroll for small business, making it as easy for a small business owner to use as Facebook,” said Shrad Rao, CEO of Wagepoint. “Over the last eighteen months, we have built an amazing product that dramatically simplifies life for small business owners, with a customer base of nearly 700 companies that we love and who love us back. One of our core beliefs as a company is to surround ourselves with individuals who can help us achieve our business goals and who we genuinely like to be around. This group of investors was carefully handpicked as they meet these criteria perfectly. We are excited about 2015, as we roll out further products to automate workflows surrounding payroll and compensation as a whole.”