“Now Gusto is aiming to leverage its growth to prepare for an initial public offering. Reeves tells Forbes that Gusto closed on a $175 million funding round in recent weeks, minting the company with a new $9.5 billion valuation and making it one of the most valuable private companies in the HR and payroll software space. Led by T. Rowe Price, Gusto’s existing investors also joined the round, including Fidelity, Franklin Templeton, Generation and General Catalyst.”