Omaha, USA-based, an end-to-end ICHRA administration platform for brokers and their clients, benefitbay raised USD 2.5 million in seed plus round. The round took place on April 7, 2023. The company raised the funding at a valuation of USD 12.5 million.
Rightside Capital and Comeback Capital led the financing for the company.
Purpose of financing for benefitbay
With the latest proceeds from the seed plus round, the company has plans to invest in additional tech improvements. It further seeks to ensure the quality of the delivered product to customers.
Meanwhile, benefitbay intends to improve the overall user experience for their clients. The company has plans to enhance technical capabilities for higher-level strategic partnerships as well as improve its offerings to customers with ancillary products.
What the company’s official has to say
Speaking on the recent fundraise, Brandy Burch, CEO of benefitbay™, said, “I am grateful to our investors for believing in us and our vision, especially during this time of financial instability. “
Burch further added, “Personalized benefits are the future of employee benefits. By providing a more tailored approach to healthcare, we improve employee satisfaction and ultimately drive success for our clients. We are excited about the future of benefitbay™ and the impact we’re having on the industry. This funding allows us to innovate and improve our platform, ultimately providing people with the best possible user experience.”
What the investors have to add
Expressing his views on the recent development, Dave Lambert from Right Side Capital further added, “We are impressed with the team at benefitbay™ and their dedication to revolutionizing the ICHRA space. We are confident that their platform will continue to drive success for both brokers and their clients, and we are excited to be a part of their journey.”
In addition, Scott Shane from Comeback Capital commented, “We are bullish on the ICHRA space and view it as a great opportunity. benefitbay™ has the best solution for the market, and we believe in them to come out on top.”
About the company
Zach Harris 2021 launched the company. The company’s platform makes it easy for brokers to manage and administer ICHRA plans. Meanwhile, it also offers employees a streamlined and personalized benefits experience. The company has plans to launch payroll integration and shopping enrollments, which allow its customers to choose various plans and have a better user experience with the technology.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
