Benepass, a NYC-based flexible benefits platform for people-first companies, raised $20m in additional funding.
The round was led by Portage and Clocktower Technology Ventures. Workday Ventures and existing investors Threshold Ventures and Gradient Ventures also participated in the funding round. Stephanie Choo, Partner at Portage, joined the Benepass Board of Directors.
The company intends to use the funds to scale distribution and accelerate product development.
Founded in 2019 by Jaclyn Chen, Kabir Soorya, and Mark Fischer, Benepass provides a platform for employers offering benefits that are personalized to each and every employee. It also simplifies the pre-tax experience by giving employees one card to use on pre-tax and post-tax benefits. An employer using Benepass can consolidate their pre-tax benefits (e.g., FSA, Commuter, HSA) and personalized benefits (e.g., Lifestyle Spending Accounts) into one benefits system. Employees can then use one card to spend their benefit dollars at vendors and merchants within their company’s policy that fit their wants and needs.
FinSMEs
31/01/2024