US-based company Ease, an HR and benefits software solution for small businesses, insurance brokers and insurance carriers, raised US$ 41 million in a Series C funding round on 25 March 2021.
Investors: The funding round was led by Spectrum Equity with participation from existing investors Propel Venture Partners, Freestyle Capital, Centana Growth Partners, Compound Ventures and Upside Partnership. Vic Parker from Spectrum Equity will join Ease’s board of directors. The total funding raised by the company to date stands at US$ 68.6M.
Purpose of the funding: The funds will be utilized by the company to help small and mid-sized businesses (SMBs) to leverage their employee data to connect all their systems seamlessly. Ease is also looking to hire new talent.
Founded in 2012 by Courtney Guertin and David A. Reid, Ease provides a cloud-based platform that helps SMBs onboard new hires, manage their payroll, stay compliant and elect benefits. Its mission is to help insurance brokers and small businesses to create seamless HR and benefits processes on an easy-to-use system. Ease has its offices in Las Vegas, New York, Omaha and San Diego. It claims to have 75,000 employers and over 2.5 million employees registered on its platform.
The benefits and HR industry is burgeoning like never before. With remote work becoming common around the world, Ease is on a mission to bring the benefits enrolment and management process online. It allows companies to do away with tedious and complicated insurance paperwork and increase employee access to their benefits information.
What the CEO has to say: “This pandemic reinforced an already accelerating trend – companies are becoming increasingly more reliant on digital solutions to conduct business and meet their employees’ needs and brokers who have not already adopted more modern technology capabilities, are running the risk of becoming obsolete. I am proud of what Ease has accomplished over the past year. We have shown that our team is ahead of the market with our technology.” — David Reid, Co-Founder and CEO of Ease.
What the investors have to say: “SMBs often do not have dedicated personnel or technology resources to facilitate critical health, life and medical insurance decisions for their employees. Ease provides a cloud-based platform to solve a long-standing structural pain point of distributing critical and complex insurance products to a widely dispersed SMB market. Ease has done a brilliant job working with insurance brokers to help even the smallest companies modernize their benefits administration tech stacks. We’re excited to collaborate with David and the Ease team as they continue to provide a unified system of record for critical benefits data accessed by businesses, brokers and insurance carriers.” — Vic Parker, Managing Director of Spectrum Equity.
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