Private Valuation & Funding Round Tracker · Gusto

Gusto funding rounds & valuation history

Name: Gusto Funding Rounds & Valuation History
Creator: growthnavigatefunding.net

Gusto, the San Francisco payroll, benefits and HR software company for small businesses, from its 2018 Series C to the 2025 employee tender, sourced to Gusto, TechCrunch, Crunchbase News, Axios and Fortune.

Last updated: 13 Nov 2026 (IST). Every figure re-checked against the linked sources that day. Rows: 4 Currency: US$, nominal

⬇ Download CSV Cite this dataset Methodology & status definitions

Last closed round Closed

$9.5B

$175M Series E, Aug 2021 (Axios; Gusto did not state it)

Latest signal Tender

$9.3B

$200M+ employee tender, Jun 2025 (Fortune)

Up-step, Series E

2.50×

$9.5B vs $3.8B (GNF calc.)

Revenue

$1B+

Trailing 12 months, early 2026 (Gusto via TechCrunch)

Round history

Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.

Gusto funding rounds and tender, July 2018 to June 2025
Date	Status	Round	Amount	Lead / buyer	Valuation	Val. ÷ run-rate	Source
9 Jun 2025	Tender	Employee tender offerRan from 9 Jun to 8 Jul 2025; employees sold shares and OTPP took its first stake (Fortune). Tender, not a primary round.	Over $200M	Teachers’ Venture Growth (Ontario Teachers’ Pension Plan)	$9.3BFortune: “done at Gusto’s last valuation, $9.3 billion”	—Not disclosedTender price, not a new round; no multiple	Fortune, 9 Jun 2025Also: TechCrunch, 7 May 2026
10 Aug 2021	Closed round	Series ESource conflict: Fortune (2025) calls $9.3B Gusto’s “last valuation”, and other outlets have cited $9.6B or about $10B; this row uses Axios’s $9.5B, reported the day after the announcement.	$175M	T. Rowe Price	$9.5BReported by Axios; Gusto’s post does not state a valuation2.50× vs prior closed	—Not disclosedNo run-rate stated in the announcement	Gusto, 10 Aug 2021Also: Axios, 11 Aug 2021
24 Jul 2019	Closed round	Series DCrunchbase News: “nearly double” the Series C valuation; no exact Series C figure in the sources read, so no step-up.	$200M	—Not disclosedInvestors incl.: Fidelity Management & Research, Generation Investment Management (new)	$3.8BPost-money (Crunchbase News)	—Not disclosedNo run-rate stated in the announcement	Crunchbase News, 24 Jul 2019
31 Jul 2018	Closed round	Series CLate-stage round (TechCrunch).	$140M	T. Rowe Price, MSD Capital, Dragoneer, Y Combinator Continuity	Not stated in the source readNo company valuation stated by the source	—Not disclosedNo run-rate stated in the announcement	TechCrunch, 31 Jul 2018

Step-up = valuation ÷ the prior closed valuation (GNF calc.). Tenders carry no step-up.

Valuation at each closed round

Closed rounds with a valuation. The 2018 Series C (not stated) and the 2025 tender ($9.3B) are not plotted.

Series DJul 2019$3.8B
Series EAug 2021$9.5B

Sources: Crunchbase News; Axios. US$ billions, linear scale.

Timeline

Each round and share sale, oldest first.

31 Jul 2018 · Closed
Series C: $140M, led by T. Rowe Price, MSD, Dragoneer and YC Continuity.
24 Jul 2019 · Closed
Series D: $200M at $3.8B post-money.
10 Aug 2021 · Closed
Series E: $175M led by T. Rowe Price at a reported $9.5B.
9 Jun 2025 · Tender
Employee tender of over $200M at $9.3B, led by Ontario Teachers’.

Still private: Gusto has not filed for an IPO and is not owned by a listed company. It said it passed $1 billion in revenue (trailing 12 months, not ARR) in early 2026, which TechCrunch says brings it “closer to public markets” (TechCrunch, May 2026).

Cite this dataset

Free to quote with a link back. Copy this citation:

Gusto Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/gusto/

Download the data

The same 4 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.

File: gusto-rounds.csv (UTF-8, comma-separated)
Stable URL: https://growthnavigatefunding.net/wp-content/uploads/2026/11/gusto-rounds.csv
Columns: id, date, date_precision, status, transaction_type, round, amount_usd_low, amount_usd_high, lead_or_buyer, co_leads, valuation_usd_low, valuation_usd_high, valuation_basis, valuation_to_run_rate_multiple, multiple_bound, multiple_basis, step_up_vs_prior_closed, price_per_share_usd_low, price_per_share_usd_high, shares, source, source_url, other_source_urls, notes, last_updated
Updated: 13 Nov 2026 (IST)

⬇ Download CSV

Methodology & status definitions

How each row is labelled and calculated.

Closed round

A primary round announced by the company or confirmed in the press, bringing new money to the company.

Tender

A sale of existing shares (employee tender, secondary or buyback). It brings no new primary capital, so it is Status, not the last-closed valuation; no step-up or multiple.

Valuation ÷ run-rate

Post-money valuation ÷ the run-rate the company stated in that announcement (GNF calc.). Where the run-rate is “crossed” or “over” a figure, the multiple is shown as “under X×”. No row qualifies here unless shown, so no multiple is invented.

What is not a separate row

Seed to Series B rounds (2012–2015, partly as ZenPayroll), acquisitions such as Mosey (2026), and revenue updates outside round announcements.

Updates & corrections

This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.

Changelog

13 Nov 2026: Dataset first compiled (batch 2, not yet published).

Gusto Funding Rounds & Valuation History (2018–2025)