General Catalyst Helped Payroll Automation Pento Raise $15.6M In Series A funding By Butcher For TechCrunch
series general catalystbutchertechcrunch- Danish Company Pento has raised $15.6 in series A funding led by General catalyst. In the article below we will learn how this lean start-up is gaining ground with the help of this investment boast
What is Payroll Automation?
Automation of the payroll process by technology is referred to as payroll automation. It includes activities like calculating overtime compensation, keeping track of vacation time, and producing and distributing pay stubs. This procedure often entails calculating and distributing employees’ salaries, taxes, and other deductions.
Payroll automation has several advantages, including higher accuracy, fewer manual errors, quicker processing times, better data security, and lower administrative costs. Employees can visit self-service portals offered by many payroll automation systems to update their personal information, request time off, and view information about their pay.
There are numerous payroll automation solutions available, ranging from straightforward software programs to intricate enterprise resource planning (ERP) systems. When selecting a payroll automation system, it’s crucial to take into account elements like your organization’s size and complexity, the functionality you need, and the degree of support and customization needed.
The effectiveness and efficiency of your payroll process can be greatly increased overall by payroll automation, freeing up time and resources for other crucial duties.
Who Is General Catalyst?
General Catalyst works with businesses and entrepreneurs to guide them through the difficulties of starting and growing a firm. The company provides a variety of resources and knowledge. These include access to its network of sector specialists and strategic and operational help. Also relationships with clients and partners, and connections to customers.
As one of the top venture capital organizations in the technology sector, General Catalyst has a track record of funding and assisting successful entrepreneurs.
General Catalyst makes investments in young technological companies. The company was established in 2000, and it has offices in Cambridge, Massachusetts, Palo Alto, California, and New York City.
Technology, consumer goods, healthcare, and financial services are a few of the categories in which General Catalyst makes investments in early to growth-stage businesses. The company has a track record of investing in lucrative startups. These include Airbnb, Snapchat, and Instacart, and has assisted numerous firms in expanding and scaling their operations.
Who Is Pento?
Payroll and HR services are offered by Pento Payroll Solutions to small and medium-sized organizations. Pento looks into Payroll processing, tax preparation, tracking of time, and attendance. It also caters to employee benefits administration, and other services.
The payroll solution from Pento is made simple. It offers several features and tools to assist businesses in managing their payroll process effectively and properly. Businesses may access their payroll data from any location with an internet connection thanks to the company’s cloud-based services.
Pento Payroll Solutions’ mission is to assist businesses with time savings and administrative burdens. Reduction of payroll and HR chores so they can concentrate on expanding their business. series general catalystbutchertechcrunch Businesses can lower the risk of manual errors and guarantee compliance with tax and labor laws by outsourcing payroll and HR to a provider like Pento.
The overall goal of Pento Payroll Solutions is to assist businesses to streamline and simplify their payroll process by offering a full range of payroll and HR services.
Payroll automation startup raises $15.6M Series A led by General Catalyst
Although payroll automation is not the most exciting startup sector, it is nonetheless a respectable industry. The more established firm in the field is Payfit. It has raised more than $208.4 million to carry out a task that many businesses find to be rather uncomfortable. But Payfit also performs several other tasks, which can expose it. Currently, the startup wants to focus solely on the complex problem of payroll automation.
Funding for Pento Led By General Catalyst
Pento is a Danish company by Jonas Bgh Larsen and Emil Hagbarth Rasmussen. It has raised $15.6 million in a Series A fundraising round that was headed by General Catalyst. LocalGlobe from the UK and Avid Ventures also took part. Along with angel investors, existing investors Point Nine Capital, Moonfire Ventures, Hustle Fund, and Seedcamp participated (see below). With this most recent round of fundraising, Pento has now raised $18.4 million altogether.
Features of Pento
With Pento, spreadsheets, and other tools are replaced with cloud-based ones. They have real-time calculations, transparency, and online and telephone support.
According to Jonas Bgh Larsen, co-founder and CEO of Pento, “The primary process we’re replacing is payroll outsourcing. Companies outsource payroll to an accountant, as most businesses do in Europe. From reporting to tax computations to payments, the entire process is automated. Therefore, the majority of alternative platforms and pay-for-use products only assist you in determining the appropriate taxes, National Insurance, and other fees. We handle the reports as well. Additionally, we process payments and link the solution with other HR products.
Payroll is one of the least digitally sophisticated services globally. series general catalystbutchertechcrunch It is so crucial to business operations. Pricey outsourcing is the only option for a few individuals. It appears excessively complicated, confusing, and out of reach for individuals who aren’t payroll specialists.
Pento dispels this fallacy. Leaders who have firsthand experience with the challenges faced by HR and finance departments help in creating it. Pento is simple to use, open, adaptable, safe, and reasonably priced. It is the ideal kind of payroll for a contemporary business and it is what employee remuneration will look like in the future.
Who Is Mike Butcher?
TechCrunch’s Editor-at-Large is Mike Butcher (M.B.E.). He has contributed to national newspapers and journals in the UK. Wired UK called him one of the most important figures in European technology. He has spoken at the Web Summit, DLD, and the World Economic Forum.
He has spoken with Tony Blair, Dmitry Medvedev, Kevin Spacey, Lily Cole, Pavel Durov, Jimmy Wales, and also many others. Mike has been on channels like Bloomberg, BBC News, Sky News, CNBC, and also Channel 4.
He has previously served as a judge on The Apprentice UK. He also provided digital startup policy advice to UK Prime Ministers as well as the Mayor of London. Butcher was listed as one of the 100 Most Connected Men in the UK by GQ magazine.
He co-founded the non-profits Techfugees.com, TechVets.co, and Coadec.com. This is in addition to the newsletter ThePathfounder.com, TheEuropas.com (the annual European Tech Startup Conference & Awards for 12 years), and ThePathfounder.com. In 2016 the Queen’s Birthday Honours list recognized him with an MBE for his contributions to journalism and the UK technology sector.
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