Total amount raised
$315 Millions
Latest funding date
5/1/2022
Location
Noyo has successfully raised funds through multiple rounds, with its latest being a Series B on May 19, 2022. The company is backed by notable investors including Gusto and Spark Capital.
Keep reading to explore the intricacies of Noyo's fundraising journey and the investors backing this innovative platform.
What Is Noyo?
Noyo, founded in 2017 by Dennis Lee and Shannon Goggin, is a software company based in San Francisco, California. The company specializes in providing digital infrastructure to streamline health insurance through an API platform.
With a team of 51-100 employees, Noyo is dedicated to transforming the benefits industry by enabling seamless digital connectivity and making crucial benefits data instantly available. Their solutions include a real-time enrollment engine and a unified API experience for managing benefits data and carrier connections.
Noyo's innovative approach aims to modernize the employee benefits experience, ensuring trusted data and smooth operations for HR, benefits, and payroll platforms.
How Much Funding Has Noyo Raised?
- Series A
- Amount Raised: $12.5M
- Date: September 2020
- Lead Investors: Costanoa Ventures, Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance Noyo's API platform and expand its market reach.
- Series B
- Amount Raised: $45M
- Date: May 2022
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Noyo's system to include more carriers and product lines, and to modernize systems for remote and flexible work arrangements.
Total Amount Raised: $57.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage venture and growth equity investment firm. They have a strong track record of investing in successful companies across various sectors.
- Investment Focus Areas: Technology, healthcare, business services.
- Notable Investments: Uber, Spotify, Casper.
- Costanoa Ventures
- Details: Costanoa Ventures is an early-stage venture capital firm that partners with entrepreneurs to build lasting companies. They focus on providing the necessary support and resources to help startups grow.
- Investment Focus Areas: Enterprise software, fintech, data-driven applications.
- Notable Investments: Alation, Intacct, Quizlet.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups at various stages. They are known for their hands-on approach and deep industry expertise.
- Investment Focus Areas: Consumer, commerce, fintech, software, media.
- Notable Investments: Twitter, Slack, Oculus.
- Gusto
- Details: Gusto provides cloud-based payroll, benefits, and human resource management software for businesses. They aim to simplify and modernize the HR experience for companies of all sizes.
- Investment Focus Areas: HR technology, payroll, benefits management.
- Notable Investments: Primarily focused on its own product offerings.
- Workday Ventures
- Details: Workday Ventures is the strategic investment arm of Workday, focusing on early to growth-stage companies that can complement Workday's products. They aim to foster innovation in enterprise software.
- Investment Focus Areas: Enterprise software, particularly those that complement Workday's offerings.
- Notable Investments: Scout RFP, Pymetrics, BetterUp.
What's Next for Noyo?
Noyo stands at the cusp of significant growth, driven by the increasing demand for flexible and customizable benefits solutions. With the recent $45 million Series B funding, the company is poised to expand its partnerships with insurers and benefits platforms, adding more carriers and product lines such as fertility benefits. This expansion aligns with industry trends emphasizing the need for seamless, digital connectivity in benefits management, especially in the context of remote work.
Future fundraising opportunities appear promising as Noyo continues to demonstrate its impact and attract interest from high-profile investors. However, the company will need to navigate challenges such as integrating with various health insurance systems and ensuring data security. As Noyo scales, maintaining the accuracy and security of data exchange will be crucial to its success.
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