INSUBCONTINENT EXCLUSIVE:
This morning Everee, a Utah-based software as a service (SaaS) startup focused on payroll, announced that it has closed a $10 million Series
The funding event was led by Origin Ventures and Signal Peak Ventures
Previously, Everee had raised a $3.7 million Seed round in mid-2019.The company is therefore as well capitalized as it has been in its life,
right as the economy enters a rough patch
the new capital and what it plans on doing with it.According to Ross, the company was founded out of a problem he saw in the market
flow needs, so she had to ask her parents for occasional loans
with the cash needs of workers.And thus Everee was born, a SaaS tool that handles payroll with a neat twist
Instead of paying workers merely every two weeks, the service offers more flexible payout options
Its lower-cost service lets workers select twice-weekly, every two weeks or monthly payouts
Its more expensive service lets workers cash out their earnings on a daily or weekly basis, as well.This might sound odd, but it makes
If you work, you should get paid right away
payroll service, like onboarding, timecard management and the rest
I was a little surprised by its price point, which starts at $15 per worker per month for its cheaper service ($10 per month with more
Instead, it covers the cash flow changes itself, using a credit facility
The firm then eats that cost of capital as cost of revenue (COGS), meaning that to offer its pay-when-you-want-to-get-paid it takes a gross
Why does that matter? It means that Everee is changing its revenue quality to offer a neat service
Everee is, to a degree, shaving about 5 points off its gross margins, according to its executives, so that workers can get paid more
and thus wanted to highlight how the system works.Finally, how will Everee approach growth in a market where hourly workers are being laid
off around the nation? When TechCrunch spoke to the company, it noted there are a host of workers still employed, including folks working at
grocery stores and other critical pieces of infrastructure
It will still have a market to grow into, or at least the cash to float itself until the employment market comes back.
