HR startup Ben raises £13m for flexible employee benefits platform


London-based employee benefits platform Ben has closed a $16m (£13m) Series A investment to accelerate development of its software and payments technology.

Founded out of a desire to modernize the compensation and benefits sector, Ben enables companies to create customized benefits packages that are accessed through the employee benefits system.

Employees choose the benefits they want, and in doing so, spend that benefit on things like insurance, counseling and mental health services. Remaining funds can be spent using the Ben Mastercard.

Ben also provides a single digital platform for HR managers to handle payroll, enrollment and leave systems.

It counts the likes of Deliveroo, Bitpanda, Funding Circle and Zalando as clients using its platform.

The startup was first founded in 2015 and said the Covid-19 pandemic has been a period of significant growth for the company. The lockdown has forced many firms to completely change the way they work, making decisions to support the modern employee.

From Boomers to Generation Z

Ben’s co-founder and CEO, Sebastien Fallert, said there are currently four different generations working in the workforce.

Fallert argued that the different needs of different generations and different workers meant that benefits needed to be provided more flexibly.

“Baby Boomers, Gen Xers, Millennials and Gen Zs are all participating in a complex global economy, and their needs for assistance vary and fluctuate,” Fallert said.

“Companies, many of which spend about 33% of payroll on benefits, are revising their traditional benefits packages to fit more culturally and ethnically diverse teams spread across the globe.”

The funding round was led by Atomico, with participation from Cherry Ventures, DN Capital and Seedcamp.

“The challenge of managing benefits is becoming increasingly complex for companies with a global workforce, especially given the ongoing war for the best talent,” said Atomico partner Sasha Widziborski.

“Ben’s unique platform significantly reduces the administrative burden on HR and seamlessly delivers the benefits that really matter to employees.”

The latest round of funding brings the total raised by Ben to $21m (£17.1m). The company previously raised £1.8 million seed funding round in February 2021.

HR startup Ben raises £13m for flexible employee benefits platform

Source link HR startup Ben raises £13m for flexible employee benefits platform