Benepass, a New York-based flexible benefits platform for people-first companies, has raised $20 million in additional funding.
SaaS Investors
The round was led by Portage and Clocktower Technology Ventures, with participation from Workday Ventures, Threshold Ventures, and Gradient Ventures. Stephanie Choo, Partner at Portage, has joined Benepass' Board of Directors.
Founded in 2016, Portage Ventures is a corporate venture capital arm of Sagard Holdings based in Toronto, Canada. The firm seeks to invest in early-stage, growth-stage, and later-stage companies operating in the financial technology sector.
Clocktower Technology Ventures is a venture capital firm based in Santa Monica, California. Founded in 2015, the firm seeks to invest in companies operating in financial services, including lending, credit and banking, payments, insurance, capital markets and investments, personal finance, enterprise financial stack, and real estate finance.
Benepass Use of Funds
The company will use the additional capital to fuel growth by expanding distribution and technical partnerships with brokers, payroll, and HRIS providers. The funds will also be used to leverage generative AI for insights into employee benefits behavior.
About Benepass
Founded in 2019 by Jaclyn Chen, Kabir Soorya, and Mark Fischer. Benepass is a SaaS platform that offers a flexible way to distribute benefits and non-salary compensation globally. It provides employees with a physical and virtual VISA card that includes all their benefits from their employer, such as HSAs, FSAs, Wellness Benefits, Family Benefits, WFH Benefits, Food Benefits, Lifestyle Spending Accounts, and customized benefits. The platform also offers an admin dashboard for leadership teams to track employee engagement and companies. Benepass's mission is to reimagine how companies take care of their people.
Funding Details
Company: Benepass, Inc.
Raised: $20.0M
Round: Unknown
Funding Month: January 2024
Lead Investors: Portage and Clocktower Technology Ventures
Additional Investors: Workday Ventures, Threshold Ventures, and Gradient Ventures
Company Website: https://www.getbenepass.com/
Software Category: Benefits
Source: https://www.prnewswire.com/news-releases/modern-benefits-leader-benepass-secures-20m-in-funding-302049177.html