Communitech HYPERDRIVE Cohort four graduate Wagepoint has announced $2 million in seed funding today.
The HR tech startup, looking to simplify the online payroll process, successfully raised a round of funding led by venture capital firm Extreme Venture Partners, with Business Development Bank of Canada (BDC), Atlantic Canada Opportunities Agencies (ACOA) as well as Canadian and U.S. angel investors. Wagepoint will use the funding to propel its already established presence in the U.S. market and enhance its product portfolio to improve the online payroll experience.
Wagepoint’s online payroll solution helps small business owners automate and simplify processing payroll with features including direct deposit, payroll calculations, federal, state and local taxes and online paystubs.
They began the six-month Communitech HYPERDRIVE accelerator program in March and have quickly surpassed several milestones, gaining traction and on-boarding nearly 700 customers since beginning services 18 months ago. In July they expanded services to all 50 states and territories in the U.S. and are now operating out of Kitchener, Halifax and New York.
