Elevate Launches with $15M Funding to Modernize Consumer Directed Benefits Delivery

Elevate, a following generation consumer directed benefits platform, posted that it has raised$ 12 million in Series A sponsorship,co-led by Greycroft and Norwest Venture Mates, with participation from living investor Bowery Capital. The fresh round of capital coincides with Elevate’s formal public launch after a vintage in underhanded mode, as it looks to revise how employers and workers access, manage and witness consumer directed benefits. The round brings Elevate’s total uptick to$ 15 million.
Elevate isco-founded by former ConnectYourCare sire Brian Strom and former Businessolver supervisor Brian Cosgray. At launch, former Wageworks COO Scott Rose has joined Elevate as Chief Operating Officer and former BenefitExpress CGO Melanie Hallenbeck has joined Elevate as Chief Growth Officer.
Offered by 95 of American companies and used by 95 million American workers, consumer directed benefits arepre-tax benefit plans designed to give American workers more control over their earned income and save plutocrat on everyday out-of- resources outgoes. Made available in addition to standard benefit plans like medical and dental, popular consumer directed benefits include flexible spending accounts (FSA), health savings accounts (HSA), health remuneration arrangements (HRA), commuter benefits, tutelage remuneration and fertility benefits. With half of Americans enrolled in high-deductible healthcare plans and 21 of working- age Americans underinsured, consumer directed benefits programs also help neutralize rising healthcare costs shouldered by employers and workers.
Unfortunately, ultimate consumer directed benefit stoner happenings and platforms are trapped in hoariness. Shareholder pressure has produced a decade of sedulity obtainments and roll-ups. As a outgrowth, patrimony providers are lumbered with unhampered headcount, unconnected platforms and tech debt, while stoner experience has taken a rear seat. Workers are hourly
• took to publish, post or fax forms to pierce savings or benefit remunerations
. • unqualified to pierce accurate savings or spending account balances
• forced to manage multiple physical cards to pierce multiple benefit plans
• under pecuniary pressure due to slow remittance timelines
“ Brian and the crew at Elevate are among the first to bring forward a modernized fill-in for the old benefit tech hill,” said Ellie Wheeler, Partner, Greycroft. “ Modern, API driven providers whose answers can communicate with each other to deliver an easy to use experience for the employer and jobholder will grow the misprision in benefits this decade. We ’re thrilled to back a crew of Elevate’s grade and look forward to helping scale exit.”
“ As an early Wageworks jobholder, I saw how performance1.0 consumer directed benefit platforms were really just online performances of the same paper- hung process that livedpre-internet, which was always a frustrating experience for jobholders.” said Sean Jacobsohn, Partner, Norwest Venture Mates. “ Since growing a enterprise have, I had been looking for a crew who could streamline the experience. When I met Brian and Brian, and heard their vision combined with their experience and crew, I knew the occasion for Elevate to reshape the diligence was enormous.”
With Elevate, jobholders can freely view, plan and manage theirpre-tax benefits from a single intuitive dashboard, whether on the web or mobile. All benefits can be penetrated and delivered through one contactless card. Claims are reclaimed immediately and disbursement takes place within moments.
For employers, Elevate offers a exhaustively customizable plan builder, hung on configurable attributes, a standard template for common plans like HSA, FSA, PSA, HRA, and commuter, and configurability at thesub-plan rung for companies with multiple divisions and plans. Elevate is available now as a exhaustively infixed victim for large employers, and a white-labled platform for third- party managers (TPAs), professional employment institutions (PEOs) and other tech forward mates retailing into small and medium-sized businesses.
Notwithstanding, imagine what mishandling would look like if we streamlined the experience for both retainers and employers,” said Brian Cosgray, “ If one third of American retainers use one or farther employer- kept consumer directed benefits. “ We ’ve spent the last space structure to this vision of modernization, and we look forward to empowering employers and retainers with the consumer directed benefits suffer they merit.”