Comcast Ventures Invests in HR Services Firm
Comcast Ventures sees its Zenefits investment as a foot into a potentially $30 billion human resources services industry, principal Callum King wrote in a company blog post. Zenefits earlier this month said it raised $500 million in a Series C…
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round of funding, with the money to be used for such needs as rolling out new products. King said the Comcast/NBCUniversal venture capital fund was one of the investors, putting the money in because of Zenefits' growth -- growing to more than 10,000 customers and close to 1,000 employees in its roughly two-year history -- as well as because of the potential market size and its business model. "Zenefits provides quality HR software for free and makes money by acting as their customer’s insurance broker," King wrote. "As the company continues to expand its product portfolio, they will become even more valuable for customers." Since its 1999 start as Comcast Interactive Capital, Comcast Ventures has invested in more than 100 companies, including Broadbus Technologies, CTI Towers, Intellon and TiVo.