Noyo, a San Francisco, CA-based API platform focused on the employee benefits industry, raised $45M in Series B financing.
Norwest Venture Partners led the round, joined by Workday Ventures, Gusto, Cap Table Coalition, and existing investors Costanoa Ventures, Spark Capital, Homebrew, Operator Collective, Fika Ventures, Precursor Ventures, Garuda Ventures, Core Innovation Capital, and Webb Investment Network. As part of the financing, Ed Yip, partner at Norwest Venture Partners, will join Noyo’s Board of Directors.
The company intends to use the funds to expand its product offerings, develop more partnerships with carriers and benefits software providers, and grow its reach and impact across new audiences and verticals.
Led by Shannon Goggin, CEO and co-founder, Noyo provides a technology platform that streamlines the digital transformation of the benefits industry, enabling fast, accurate, and secure data exchange through an API-powered data infrastructure. The company’s suite of APIs allows insurance and benefits data to flow from point to point or exist embedded in the applications consumers use every day, enabling industry-wide connectivity with network effects.
Noyo has already signed partnership with major insurers and benefits software platforms, including Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits.