Zenefits achieves series B funding

On June 3, 2014 Zenefits announced that it received 66.5 million dollars in series B funding. Zenefits provides payroll and tax services, benefits and insurance management, and HR and compliance automation free for users. The company’s revenue comes from commissions and referral fees from insurance and service companies facilitated through its solution. The company challenges the market by providing the functionality of an HRIS platform, disrupting the traditional revenue stream for HCM vendors, and presenting new opportunities for benefits for investors and users.