Series B came opnly four months after the company raised its Series A round and took its fundraising total to $84m. Both these rounds were led by Andreessen Horowitz.
Zenefits said it will use the funds to build out its HR technology, scale up its operations and support infrastructure.
Since its launch in early 2013, Zenefits has been growing at a monthly rate of at least 30 per cent and is currently on track for 1,300 per cent growth for the year.
The company noted that 99 per cent of all businesses in the US are small businesses and there are around 6m SMEs with between two and 500 employees that would rather spend less time on HR paperwork.
Andreessen Horowitz general partner Lars Dalgaard said, “ Zenefits is well on its way to 1,300 percent growth for the year, which is some of the fastest growth we’ve ever seen.
“With Zenefits, no start-up entrepreneur or human resources head and their team should ever have to spend mind-numbing hours on tedious administrative HR paperwork again, allowing them all more time to lead. This was the hottest deal in Silicon Valley five months ago, and it still is today.”
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