Benepass, a NYC-baased modern benefits platform for People-forward companies, raised $12M in Series A funding.
The round was led by Threshold Ventures with participation from Modern Venture Partners, Operator Partners, and Alumni Ventures Group, as well as existing investors Gradient Ventures and Global Founders Capital. With this round, Mo Islam from Threshold Ventures will join the Benepass Board.
The capital will help accelerate product growth, including additional admin capabilities, integrations, and internationalization, and grow the team.
Founded in 2019 by Jaclyn Chen, Kabir Soorya, and Mark Fischer, Benepass provides companies with a platform to manage tax-advantaged accounts and perks and stipends for their employees. Each employee receives a Benepass Visa card with their benefits and a web portal and mobile app to track spending, check balances, and request reimbursements. Common stipends include wellness, professional development, meals, hybrid work, and recognition. The pre-tax suite includes Flexible Spending Accounts, Health Savings Accounts, and Commuter.
Companies such as Bright Health, Wix, Jamf, and Mural already deploy a variety of benefits powered by Benepass.