Beth Ferreira shares her thoughts on FirstMark’s latest investment in Justworks. Originally posted on Beth’s Medium blog:
One unsexy truth for all businesses is that internal operations are critical to achieve transformative scale. Today, it is easier and cheaper than ever to start a company, but harder (and more capital intensive) than ever to scale it. Many industries have learned to scale technology, but it is less clear how to scale the actual organizational structure. There is no question that employment is getting harder and compliance more complex. Enter Justworks.
Today FirstMark is announcing our investment in Justworks, alongside returning earlier investors Index, Thrive, Bain Capital and Redpoint. We believe Justworks is well on its way to becoming an iconic company here in New York and we couldn’t be more excited to partner with Isaac Oates and his team.
Beyond the investment themes we pursue at FirstMark, the primary driver of an investment decision for us is often the intersection between a compelling mission and founders who are uniquely positioned to pursue that mission. I had the privilege to work alongside Isaac at Etsy and later watched him build and scale the product and his dynamic team at Justworks. He is an inspiring, customer centric leader, who has experienced the problems he is solving first-hand and embodies the values of the company.
We look for companies that are beloved by their customers and that is certainly the case with Justworks, who quickly turns customers into evangelists. Not an easy feat for a business solution, but the simple interface and responsive 24 hours a day, 7 days a week customer service is often the first to be noted by customers.
New York is the perfect headquarters for Justworks. The “New York advantage” is reflected in their world-class team but also their diverse customer base. From media to finance to fashion to tech, the product works across industries — it’s not just built to fit one narrow niche.
Justworks has the tremendous opportunity to transform this $60B market. While Isaac and his team have accomplished an incredible amount since launch, this is just the beginning.