Captain401, Inc., a San Francisco, CA-based 401k retirement plan provider for modern companies, raised $3.5m in seed funding.
Backers included SV Angel, SoftTech VC, Crunch Fund, Y Combinator, Susa Ventures, Slow Ventures, FundersClub and angel investors Jacob Gibson, Greg Brockman, Paul Buchheit, Justin Kan, Michael Siebel, Jared Friedman and Joe Montana.
The company is using the funds to expand the offering and operations.
Co-founded by Roger Lee, CEO, and Paul Sawaya, CTO, Captain401 provides small, medium and large sized businesses to set up 401k retirement savings plans for their workforce. Employees can enroll, set their own goals and invest towards meeting them.
The platform automates all of the administration, and handles all compliance testing and paperwork. Employee accounts are created automatically and deductions synced with the employer’s payroll provider while contributions are processed automatically every pay period.