benefitbay®, a Kansas City, MO-based technology company providing an individual coverage health reimbursement arrangement (ICHRA) platform, has raised $18 million in Series A funding.
Investors
Led by Ten Coves Capital, a growth equity firm based in Darien, Connecticut. The firm backs high-growth companies across the FinTech ecosystem, where its capital, network, and decades of experience help accelerate growth and value creation. Investing across payments, banking and lending, asset management, capital markets, and insurance and benefits, the firm has helped scale more than 40 companies that solve industry pain points, enable workflows, and provide critical infrastructure for financial institutions ranging from large enterprises to SMBs.
benefitbay® Use of Funds
The company will use the funding to expand its payments infrastructure, enhance direct carrier and payroll integrations, and improve broker enablement tools to support continued growth.
About benefitbay®
Led by CEO Brandy Thompson, benefitbay® is an individual coverage health reimbursement arrangement (ICHRA) platform that partners with brokers, employers, and carriers to deliver personalized health benefits solutions. The company provides enrollment, payments, compliance, and administration infrastructure designed to help employers transition from traditional group health plans to defined contribution healthcare models. Headquartered in Kansas City, MO, benefitbay's vision is to revolutionize the benefits landscape, crafting a future where every individual has access to tailored, affordable, and empowering benefits solutions.
Funding Details
Company: benefitbay®, Inc.
Raised: $18.0M
Round: Series A
Funding Date: May 2026
Lead Investor: Ten Coves Capital
Additional Investors:
Company Website: https://www.benefitbay.com/
Software Category: HealthTech / Benefits Administration / ICHRA Platform
Source: https://www.einpresswire.com/article/914114134/benefitbay-raises-18-million-series-a-led-by-ten-coves-capital-to-scale-its-broker-first-ichra-platform