Why Y Combinator companies are flocking to banking and HR startup Every
Rajeev Behera’s new all-on-one HR startup, dubbed Every, is either brilliant or crazy.
Rajeev Behera’s new all-in-one HR startup, dubbed Every, is either brilliant or crazy.
Crazy because multi-module HR software that does payroll, onboarding, and spend management for small businesses is already a jam-packed market. Competitors include unicorn startups Gusto, Rippling, and Deel; incumbents that are strong in one area and are expanding into others like Mercury and Brex; and many smaller startups like Finally, Paylocity, and AccountsIQ.
Every’s investors clearly think Behera’s particular take on the idea is brilliant. Every just raised a $22.5 million Series A, led by Redpoint Ventures’ Alex Bard, with participation from Y Combinator, Okta Ventures, and Base10 Partners’ Rexhi Dollaku, TechCrunch can exclusively report.
Behera’s unique — and possibly brilliant — game plan revolves around his target customers and what he’s offering to hook them.
He and his co-founder, Barry Peterson, aimed Every at very early-stage tech startups and will help them do their incorporation documents for free, then set them up with a business bank account as well as other back-office essentials. Every makes its money by charging monthly SaaS fees for other modules, like accounting, and interchange fees.
“We spent all this time building pretty advanced expense management, banking, payroll, all that stuff. Now we will release incorporation for founders, and we’re going to just give it away for free,” Behera said.
After a 30-minute, white-glove onboarding session, startups get an integrated suite of banking, payroll, HR onboarding, HR benefits, bookkeeping, taxes, state compliance, and so on. (As we recently reported, the state compliance stuff is particularly tricky for startups.) Every’s customers also get a Slack channel where they can commiserate with other founders.
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