benefitbay™, an end-to-end ICHRA administration platform for brokers and their clients, has announced that it has raised $2.5 million at a $12.5 million valuation for their seed plus round. This funding will be used to unlock additional tech improvements, ensure quality of the delivered product to customers, and improve the overall user experience for their clients.
Brandy Burch, CEO of benefitbay™, is thrilled to have successfully raised capital in a difficult environment. As a female founder, she is proud to be part of the less than 2.5% of venture-backed companies that have female CEOs. “I am grateful to our investors for believing in us and our vision, especially during this time of financial instability,” says Burch.
As the workplace continues to evolve, personalized benefits are becoming an increasingly important part of employee satisfaction and retention. benefitbay™ is at the forefront of this trend, providing a platform that allows employees to choose the health care plans that best fit their individual needs. “Personalized benefits are the future of employee benefits,” says Burch. “By providing a more tailored approach to healthcare, we improve employee satisfaction and ultimately drive success for our clients.” As companies continue to adapt to changing work trends, benefitbay™’s individual-focused approach positions them well for continued growth and success in the ICHRA space.
benefitbay™’s lead investor, Dave Lambert from Right Side Capital, expressed his confidence in the company: “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.”
Scott Shane from Comeback Capital echoed Lambert’s sentiment, saying, “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.”
This investment will impact the growth and future plans of benefitbay™, enabling the company to unlock technical capabilities for higher-level strategic partnerships and improve their offerings to customers with ancillary products. Additionally, the company is currently working on unlocking payroll integration and shopping enrollments, which will allow customers to choose various plans and have a better user experience with the technology.
benefitbay™’s success is tied to the individual rather than the employer, making it easier for people to keep their healthcare plans.This individual-focused approach has been a key factor in growth, setting them apart from traditional employer-focused healthcare models.
“We are excited about the future of benefitbay™ and the impact we’re having on the industry,” says Burch. “This funding allows us to innovate and improve our platform, ultimately providing people the best possible user experience.”
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