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SaaS company announced this morning it has raised a $200 million Series D that values the company at $3.8 billion post-money 鈥� nearly double what it was valued at when it raised its $140 million one year ago.

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New investors include and also , which is Al Gore’s UK-based firm that is focused on sustainable investing. Existing investors , , and , also participated in the round. With this latest financing, Gusto has now raised since it was founded in 2012.

Gusto鈥檚 self-described 鈥減eople platform鈥� addresses a number of HR-related functions including providing services around payroll, employee onboarding, time tracking, retirement, and increasingly, health insurance. It also offers team management tools.

The San Francisco-based backed company plans to use the money in part to double its headcount in its Denver office, grow its team in the Bay Area and open up a new R&D office in New York. Currently, Gusto has over 1,000 employees with its four-year-old Denver office being its largest with a staff of over 600, according to CEO and co-founder . The growth in the number of its employees has been in the 50 percent range most years, he added.

鈥淲e鈥檙e excited about being in NY, and that鈥檚 all about accessing more technical talent, particularly in the financial services area, but also in general in the city鈥檚 growing tech ecosystem,鈥� Reeves told 附近上门 News.

Gusto also plans to use its new capital to 鈥渄ouble down on research and development鈥� of its platform. Looking ahead, the company plans to invest more in its fintech and healthcare offerings. Its overarching goal is to help smaller companies have the same ability to provide 鈥渞obust benefits鈥� as larger companies do.

鈥淎 big area of investment for us is flexible pay, and helping individuals in how they approach finances,鈥� Reeves said. 鈥淚t鈥檚 also really important to us to help small businesses give their employees easier access to healthcare. Overall, we want to be a force for universal healthcare.鈥�

Indeed, that was a key factor for Generation.

Gusto has 鈥渕ade health coverage available to many who would otherwise not have access to it,鈥� said Shalini Rao, director in growth equity at Generation, in a written statement.

As part of the funding, Gusto also announced its first independent board member in , who also currently serves on the board of , a work management platform. She also was SVP of operations at as it worked its way to an IPO.

The addition of Raimondi led me to ask Reeves if Gusto was also looking to enter the public arena. 鈥淏eing a public company is not a matter of if, but when,鈥� he told 附近上门 News. 鈥淲e鈥檙e weighing the pros and cons and I鈥檓 confident the pros will outweigh the cons.鈥�

Gusto also recently announced a batch of new hires including former chief diversity + inclusion officer who joined as chief people officer. Also, former CISO (Chief Information and Security Officer) recently came on board as Gusto鈥檚 new CISO.

Earlier this year, the company passed its 100,000 customer mark. Customers are in a range of industries including bakeries, flower shops, cafes, churches and hotels. Gusto makes its money by charging a monthly subscription fee. It earns more revenue as a company grows or uses more of its services, said Reeves.

All of Gusto鈥檚 customers are in the U.S. but it鈥檚 looking to expand internationally over time, according to Reeves.

鈥淔or now, we鈥檙e very focused on the domestic audience,鈥� he said. 鈥淭here are six million employers in the U.S. and 98 percent are in the 1-100 employee range. So there鈥檚 millions of more businesses to try and go help. There鈥檚 still a huge opportunity there.鈥�

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