Corestream, a Tampa, FL-based platform for connecting employees with voluntary benefits, received an investment from LLR Partners.
The amount of the deal was not disclosed.
The company intends to use the funds to further accelerate its adoption among Fortune 500 companies and innovation of its SaaS platform.
Led by CEO Neil Vaswani, Corestream provides a cloud-based HR technology platform that allows employers to communicate with and offer employees over 100 types of voluntary employee benefits from established providers, including supplemental health insurance, real-time auto and home insurance quoting, payroll purchasing, pet insurance, employee discounts, ID theft, legal and vision.
The platform provides a single point of integration for HR professionals, employees, brokers and carriers to streamline and automate the voluntary benefits administration process.
Corestream’s employer-branded portal handles everything on the back-end, including payroll integration, contract negotiation and mediation with providers, remittance of payments, reconciling premiums for each individual employee and more.
The company currently manages voluntary benefit deductions for over 1.5 million employees and reconciled over $100 million in premiums for its partners over the course of 2018.