Houston-based GoCo.io, a software firm providing human resources, benefits and payroll services to small and medium-sized businesses, announced a $15 million funding round on Nov. 1.
Austin-based ATX Venture Partners led the funding round in September as well as previous GoCo funding rounds. The new funding brings GoCo's total recent investment to $27.5 million, the company said.
The latest funding allowed GoCo to release new features in October, including payroll integration with ADP Workforce and a new performance management module. GoCo called it the company's biggest release ever.
“(Small and midsize businesses) are facing significant challenges right now, and GoCo has grown rapidly because we are able to not only meet but exceed HR departments’ needs and expectations,” said GoCo CEO Nir Liebovich.
GoCo reported doubling its employee headcount in the past two years, with a company spokesperson confirming a headcount of 130 employees as of Nov. 1. The Houston Business Journal previously reported the company had 69 on-site employees in July 2021.
According to previous Securities and Exchange Commission filings, GoCo raised $1.8 million in seed funding in 2015 followed by a $2.5 million post-seed round led by ATX Venture Partners under its former name, ATX Seed Ventures. GoCo crossed the $10 million mark in 2019 thanks to a $7 million Series A round led by ATX Venture Partners.
Chris Shonk, a general partner at ATX Venture Partners, described GoCo as best positioned to provide HR departments with flexible software.
“In a crowded marketplace, GoCo clearly rises to the top with its ease-of-use, flexibility and unparalleled customization,” Shonk said. “We’re excited to be a part of GoCo’s journey, and we look forward to supporting their continued innovation as they solve new and existing challenges HR departments face.”
