Total amount raised
$315 Millions
Latest funding date
05/01/2022
Location
Title
Noyo has successfully raised significant funding to support its mission of modernizing the employee benefits experience. The platform offers a real-time enrollment engine that integrates seamlessly with HR, benefits, and payroll systems.
Keep reading to explore the intricacies of Noyo's fundraising journey and the investors backing this innovative platform.
What Is Noyo?
Noyo, founded in 2019, is headquartered in San Francisco, California. The company was established by Shannon Goggin and Dennis Lee.
Specializing in modernizing the employee benefits experience, Noyo offers a real-time enrollment engine and a unified API to streamline benefits data management.
With a growing team of over 50 employees, Noyo continues to innovate in the benefits technology space.
How Much Funding Has Noyo Raised?
- Series B
- Amount Raised: $45 million
- Date: May 19, 2022
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to expand Noyo's product offerings, develop more partnerships with carriers and benefits software providers, and grow its reach and impact across new audiences and verticals.
Total Amount Raised: $45 million. Current Valuation: Not publicly disclosed.
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage investment firm that has been investing in companies for over 60 years. They have a strong track record of helping companies scale and achieve significant growth.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, BlueJeans.
- Workday Ventures
- Details: Workday Ventures is the strategic investment arm of Workday, Inc., focusing on early to growth-stage companies that can benefit from Workday's expertise and market presence. They aim to foster innovation in enterprise software.
- Investment Focus Areas: Enterprise software, cloud-based solutions, HR technology.
- Notable Investments: Scout RFP, Pymetrics.
- Gusto
- Details: Gusto is a comprehensive platform for payroll, benefits, and HR management. They also invest in startups that align with their mission to create a world where work empowers a better life.
- Investment Focus Areas: HR, payroll, benefits solutions.
- Notable Investments: HR and payroll-related startups.
- 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 first institutional capital to startups.
- Investment Focus Areas: Early-stage technology companies, enterprise software, data-driven businesses.
- Notable Investments: Alation, Intacct.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups at various stages, from early to growth. They are known for their hands-on approach and deep industry expertise.
- Investment Focus Areas: Technology, media, consumer internet.
- Notable Investments: Twitter, Oculus, Slack.
What's Next for Noyo?
As Noyo looks to the future, the opportunities are vast. The company plans to expand its product offerings and develop more partnerships with carriers and benefits software providers. This expansion is poised to significantly increase its reach and impact across new audiences and verticals, leveraging the $45 million raised in its Series B financing.
With the digital transformation of the benefits industry in full swing, Noyo is well-positioned to capitalize on this trend. Future fundraising opportunities seem promising, given the strong backing from high-profile investors. However, challenges such as integrating with a wide range of carriers and maintaining data security will need to be navigated carefully. As Noyo scales its operations, these hurdles will be critical to address to sustain its growth trajectory.
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