Noyo Raises $45M in Sequence B Financing to Pace up the Provide of Frictionless Employee Benefits Experiences
noyo 45m series norwest partners, SAN FRANCISCO–(BUSINESS WIRE)–Noyo, the primary API platform powering frictionless benefits, proper this second launched that it has closed $45M in Sequence B financing. Norwest Enterprise Companions led the spherical, joined by Workday Ventures, Gusto, Cap Desk Coalition, and present patrons Costanoa Ventures, Spark Capital, Homebrew, Operator Collective, Fika Ventures, Precursor Ventures, Garuda Ventures, Core Innovation Capital, and Webb Funding Group. As part of the financing, Ed Yip, affiliate at Norwest Enterprise Companions, will likely be a part of Noyo’s Board of Directors.
The capital represents resounding validation of Noyo’s know-how and mission to unite key players inside the group benefits ecosystem spherical the need to ship modern, frictionless benefits experiences. The COVID-19 pandemic and the rise of a distant workforce has elevated complexities for a manner firms provide employee benefits all through quite a lot of states, on the equivalent time these benefits have turn into essential to attracting and retaining experience in a great labor market.
“Every particular person deserves to actually really feel protected and supported by their benefits,” said Shannon Goggin, CEO and co-founder of Noyo. “Whether or not or not starting a model new family, altering careers, planning for retirement, or one factor else completely, it’s crucial that benefits keep in mind each particular person’s explicit individual needs. We’re proud to offer the know-how upon which a model new period of additional personalised, accessible, and understandable benefits will most likely be constructed.”
Primarily based to convey group benefits into the modern age, Noyo’s know-how streamlines the digital transformation of the benefits {{industry}}, enabling fast, appropriate, and protected information alternate through an API-powered information infrastructure. The company’s suite of APIs permits essential insurance coverage protection and benefits information to flow into from degree to degree or exist embedded inside the functions customers use day-after-day, lastly unlocking industry-wide connectivity with extremely efficient group outcomes.
“By enabling companions to assemble dynamic merchandise and choices atop revolutionary know-how, Noyo not solely improves frequently experiences for customers however moreover acts as a strong catalyst for added progress,” said Ed Yip, affiliate at Norwest Enterprise Companions. “We look ahead to supporting Noyo’s continued progress and affect as they lead an industry-wide transition into the next interval of insurance coverage protection and benefits.”
Noyo’s success has already earned them the partnership of essential insurers and benefits software program program platforms, along with Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits. This added funding from Gusto, the modern payroll, benefits and HR platform for rising teams, and Workday Ventures, which accelerates the enlargement of rising enterprise firms which may be useful to Workday prospects, speaks volumes to how Noyo’s know-how is already advancing the {{industry}}.
“Benefits are an important half to employee productiveness and well-being,” said Mark Peek, managing director and head of Workday Ventures. “We’re choosing to spend cash on Noyo on account of their extremely efficient platform permits these necessary nicely being firms to be shortly and easily delivered to staff, which in flip improves the final employee experience.”
“Gusto’s people platform exists to help assemble a world the place work empowers a larger life. An necessary part of our efforts is to increase entry to fairly priced nicely being safety,” said Andy Toung, Gusto’s Chief Method Officer. “Our funding and product integration with Noyo is part of Gusto’s dedication to the collective ecosystem that is focused on making it easier for firms of every dimension and all through every {{industry}} to produce nicely being benefits to their staff.”
With this latest spherical of funding, Noyo will develop its product decisions, develop further partnerships with essential carriers and benefits software program program suppliers, and develop its attain and affect all through new audiences and verticals.
To be taught further about Noyo’s know-how, partnership alternate options, and careers, go to www.noyo.com.
About Noyo
Noyo is establishing the modern information infrastructure that makes frictionless employee benefits attainable. Primarily based by leaders in benefits, insurance coverage protection, and API know-how, Noyo is the first agency transforming the underlying infrastructure of the benefits {{industry}} with seamless digital connectivity. With Noyo, important benefits information is instantly obtainable wherever it’s needed, unlocking new potentialities for a manner benefits are designed and delivered. To be taught further about how Noyo’s industry-leading know-how is powering the next period of employee benefits, go to www.noyo.com.
