Benepass has announced that the company has secured $2.4 million in funding in a seed round. The hrtech community has reported that the company will be using this investment in making the tax and payroll processes easier by using a mobile application that will centralize all the tax-advantaged accounts of an employee and linking it to physical as well as virtual payment cards.
This funding round was led by the AI-focused venture fund of Google, Gradient Ventures, and noted the participation from investors like Amino Capital, Elysium Ventures, Soma Capital, Polymath, AltalR, Y Combinator, and Global Founders Capital. This funding will be utilized for client acquisition, product development, and hiring.
The hrtech startup was founded in 2019 by CEO, Jaclyn Chen, COO Mark Fischer, and CTO Kabir Soorya. The mission of the company is also to enable small and medium-sized businesses and enterprises in offering various benefit packages that are in the position of competing with the ones offered by larger companies and employers. The startup also provides its clients with the ability to deliver organization stipends for different perks such as wellness programs.
Darian Shirazi, the general partner at Gradient Ventures commented in a statement that the in the current economy, quality employee benefits are quite imperative for hiring and retaining the best workforce, but most of the tools that manage and distribute these benefits are quite tough in terms of usage, poorly designed, and confusing in terms of understanding. Darian expressed the excitement of the firm to be partnering with Benepass and its team as the startup reimagines the pre-tax and post-tax product suite of employee benefits while automating various processes that maximize the wellbeing and health of the team especially during difficult times, as these.
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