StretchDollar Raises $1.6M in Pre-Seed Funding

StretchDollar

StretchDollar, a San Francisco, CA- and Philadelphia, Pennsylvania-based startup that enables small employers to provide pre-tax funding to employee-owned health insurance, raised $1.6M in Pre-Seed funding.

The round saw participation from Precursor Ventures, Elefund, v1vc, Kindergarten Ventures, and Westerly Ventures.

The company intends to use the funds to kick-off expansion in seven states by year-end 2023.

Led by Marshall Darr, co-founder and chief executive officer, and Kaiza Molina, co-founder and chief operating officer, StretchDollar provides a platform that enables small employers to set a fixed pre-tax monthly stipend of their choosing that employees apply to their health insurance premiums. Employees manage the benefit on the dashboard and get guidance on selecting a health plan from the individual health insurance marketplace from licensed brokers.

The company has announced its launch in Illinois, Pennsylvania, Delaware and Colorado.

Before co-founding StretchDollar in March 2023, Marshall and Kaiza helped launch and grow health insurance startup Decent. The two also launched the lifecycle team of the small business payroll services company Gusto.

FinSMEs

26/09/2023