ImpactAlpha, June 14 — Larger companies have the capital and resources to offer more and higher-quality benefits. Smaller businesses are burdened by excessive fees when trying to do the same.
Nava Benefits has raised $40 million for a search engine that includes more than 600 benefit providers across 28 categories, including primary care, life insurance, mental health and tuition, fertility and adoption assistance. The company says it has helped smaller employers save up to 22% on their benefit plans.
“The stakes have never been higher when it comes to employee health and benefits: costs are spiraling and employees are overwhelmed,” said Nava’s Brandon Weber. The company wants “to level the playing field for SMB employers and their people by giving them access to the same benefits, tools, and member support enjoyed by the Fortune 500.”
Nava’s Series B was led by Thrive Capital, with participation from existing investors such as Avid Ventures, Quiet Capital and Sound Ventures.