We have known Justworks founder Isaac Oates since he led the creation of Etsy’s payment system a decade ago. When Isaac left Etsy and started Justworks, we were not sure his company fit into our network thesis and so we sat on the sidelines.
And we sat and we sat, while Isaac and his colleagues built a great product, a great team, and a great business.
Justworks is a classic example of a great software product taking a legacy offering, in this case PEO services, and making it way better for everyone.
We have observed that some of our portfolio companies, like Twilio and Stripe among others, grow when their customers grow and by adding new customers. This twin engine of growth is something we appreciate greatly at USV and Justworks has it in spades. So when Isaac approached us recently about co-leading a growth round out of our Opportunity Fund, we jumped at the chance.
Our Opportunity Fund is about following our early stage fund investments as they grow and about getting into great companies that we missed at the early stage.
Our investment in Justworks is a great example of the latter and we are thrilled to finally be an investor in a fantastic company.