Ben, a London, UK-based employee benefit and reward software company, raised $2.5M in funding. The round was led by Cherry Ventures and Seedcamp, with participation from angels including Paul Forster of Indeed.com, Taavet Hinrikus of Transferwise, Carlos Gonzalez-Cadenas of GoCardless (now Index Ventures), Philip Reynolds of Workday, and Matt Robinson of Nested.
Sebastian, Co-Founder & CEO of Ben, explains how the company works, “The problem with benefits is clear: while they are meant to attract, engage, and ultimately drive productivity, the status quo doesn’t lead to desired outcomes. Our software platform allows companies to load funds and set individual spend rules on how these can be used. Employees are then able to choose from group benefits, such as private medical insurance, mental wellbeing services, or dental plans, while a real per-employee Mastercard opens the door to pretty much any product or service in a tax-efficient and compliant way. It’s a win-win: Employees get tailored benefits, and companies only pay for what’s used, take advantage of tax exemptions and preferred pricing, while streamlining the administration.”
The company intends to use the funds to expand operations and its business reach.
Announcement: Ben Raises $2.5M for Employee Benefits