Espresa, a Palo Alto, CA-based provider of a personal benefits platform designed for global enterprises, raised $23M in Series A funding.
The round was led by Clear Ventures. All existing investors participated, including Crosslink Capital, New Era Capital Partners, Moneta Venture Capital, Ridge Ventures and Westwave Capital.
The company intends to use the funds to scale and expand sales and marketing, platform development, and further build the global support infrastructure.
Founded by Raghavan Menon (CTO) and Alex Shubat (CEO), Espresa provides a personal benefits platform that is designed to help HR and Benefits teams streamline and modernize their offerings. The company’s approach — LSA Plus — combines traditional well-being benefits with Lifestyle Spending Accounts (LSA), which allows organizations to offer incentives for health-related and cultural activities. By directing existing funding to an LSA Plus program, employers can drive employee engagement and personalized well-being. Espresa allows access to LSA funds via payroll reimbursement, integrated marketplace or a pre-funded Espresa debit card.
The company has served hundreds of thousands of users on the platform across diverse sectors spanning tech, consumer, healthcare and pharma, financial services, media, agriculture, law, manufacturing and construction. Companies like Avalara, Cadence, Flex, Nielsen, Jazz Pharmaceuticals, Prudential, Unisys and The Wonderful Company use its global platform to modernize their benefits offerings and improve employee experiences.
FinSMEs
31/10/2023