Benepass, a modern benefits platform for people-forward companies, announced it has raised $12M in Series A funding led by Threshold Ventures. Other participating investors in this round include Modern Venture Partners, Operator Partners, and Alumni Ventures Group, as well as existing investors Gradient Ventures and Global Founders Capital. With this round, Mo Islam from Threshold Ventures will join the Benepass Board.
Jaclyn Chen, co-founder and CEO of Benepass stated, “The future of work is flexibility. We built Benepass to help companies deliver an employee-led benefits experience focused on choice.Every employee’s experience with benefits should be meaningful, personalized, and delightful. At the end of the day, it’s about companies taking care of their people, their most important asset.”
Companies use Benepass to consolidate tax-advantaged accounts and perks and stipends onto a single platform for their employees. Each employee receives a Benepass Visa card with their benefits and a web portal and mobile app to track spending, check balances, and request reimbursements. Common stipends include wellness, professional development, meals, hybrid work, and recognition. The pre-tax suite includes Flexible Spending Accounts, Health Savings Accounts, and Commuter. Companies will engage on average 80% of their team after six months using Benepass.
Companies such as Bright Health, Wix, Jamf, and Mural deploy a variety of benefits powered by Benepass.
The capital will help accelerate product growth, including additional admin capabilities, integrations, and internationalization, and grow the team.
The funding is a shot in the arm for the platform that aims to build a leading employee benefits platform for the future of wellness and work. The opportunity to reimagine benefits in this new hybrid work environment and make a difference is huge.