HoneyBee Raises $5.7M for Employee Financial Wellness
HoneyBee, a startup that aims to help companies provide access to financial support to their employees, announced today it has raised $5.7 million in equity in a round led by FFVC. Resolute Ventures, Afore Capital, Rebalance Capital, K50 and Financial Venture Studio also participated in the financing, along with two-time NBA all-star Baron Davis.
CEO and co-founder Ennie Lim said she was inspired to start HoneyBee after suffering financial setbacks after her own divorce several years ago. “We are solving a massive economic disparity and we’re leveling the playing field in the workplace by reducing the financial literacy gap and providing access to credit to people that need it most,” Lim said. “It’s important to acknowledge that people come from different socioeconomic backgrounds. The varying levels of financial illiteracy is an issue we can no longer ignore.”
HoneyBee has also secured a $100 million debt facility from CIM, an institutional impact investment manager that provides debt capital for innovation that lends to underserved communities.
The company plans to use its new capital in part to grow its sales, engineering, and customer success team.
Announcement: HoneyBee Raises $5.7M for Employee Financial Wellness