Benepass Raises $12M in Series A Funding Led by Threshold Ventures to Reimagine How Companies Take Care of Their Employees
Platform equips People teams with the tools to personalize and scale the employee experience with benefits and perks, while increasing employee engagement by 80%
NEW YORK, Sept. 29, 2021 /PRNewswire/ -- Benepass, a modern benefits platform for People-forward companies, announced today 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.
"The future of work is flexibility. We built Benepass to help companies deliver an employee-led benefits experience focused on choice," said Jaclyn Chen, co-founder and CEO of Benepass. "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.
"Benepass is building the leading employee benefits platform for the future of wellness and work," said Mo Islam, Partner at Threshold Ventures. "In this new hybrid work environment, Benepass helps companies take care of their employees with benefits that range from meals to mental wellbeing, with a world-class user experience on a global scale. We are thrilled to partner with Jaclyn and the Benepass team to join them on this mission."
People-forward companies such as Bright Health, Wix, Jamf, and Mural deploy a variety of benefits powered by Benepass. For example, Bright Health funds a monthly Lifestyle Spending Account and contributes to the Health Savings Account; Wix gives a biweekly meal allowance; Jamf offers employees a stipend to furnish their home office; and Mural deploys a monthly wellness stipend and annual budget for professional development.
The capital will help accelerate product growth, including additional admin capabilities, integrations, and internationalization, and grow the team.
About Benepass:
Benepass helps companies take care of their people. With a single card + mobile app, Benepass consolidates multiple benefits into a single platform, making benefits flexible, intuitive and easy to use. With Benepass, companies can scale efficiently and say "yes" to a diverse set of employee preferences. Benepass was founded in 2019 by Jaclyn Chen, Kabir Soorya, and Mark Fischer. Additional information about the company can be found at www.benepass.com.
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