Health insurance and employee benefits start-up Zenefits lost $205m in the last fiscal year, and has already racked up losses of $100m against revenues of $35.3m for the current period, thanks to "restructuring charges". Despite the gloomy figures, the company insists it is turning a corner under CEO Andreessen Horowitz with costs and expenses from February to July rising at an annualised 12%, while profits for the same period are up 62% to $70.6m. Sacks has also transformed Zenefits into an "industry leader in compliance" and overseen the launch of new software platform Z2.
Health insurance and employee benefits start-up Zenefits lost $205m in the last fiscal year, and has already racked up losses of $100m against revenues of $35.3m for the current period, thanks to "restructuring charges". Despite the gloomy figures, the company insists it is turning a corner under CEO David Sacks with costs and expenses from February to July rising at an annualised 12%, while profits for the same period are up 62% to $70.6m. Sacks has also transformed Zenefits into an "industry leader in compliance" and overseen the launch of new software platform Z2.