Benepass has raised $12 million in a Series A round 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.
“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.”
With Benepass, there’s more visibility than ever, unlocking key insights about what employees actually care about based on how they’re using their dollars and allowing People teams to take a data-driven approach. Custom reporting and detailed analytics allows companies to tweak policies as they learn more about their teams, leading to dramatically more effective programs. 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.
The capital will help accelerate product growth, including additional admin capabilities, integrations, and internationalization, and grow the team.
Announcement: Benepass Raises $12M for Employee Benefits