Noyo raises $45M in Series B Financing to Accelerate the Delivery of Frictionless Employee Benefits Experiences
Led by Norwest Venture Partners with participation from industry leaders Gusto and Workday Inc.’s investment arm Workday Ventures, the funding round enables Noyo to continue development of breakthrough infrastructure technology that improves how employee benefits are administered and delivered.
San Francisco, California, May 19, 2022 - Noyo, the leading API platform powering frictionless benefits, today announced that it has closed $45M in Series B financing. Norwest Venture Partners led the round, joined by Workday Ventures, Gusto, Cap Table Coalition, and existing investors Costanoa Ventures, Spark Capital, Homebrew, Operator Collective, Fika Ventures, Precursor Ventures, Garuda Ventures, Core Innovation Capital, and Webb Investment Network. As part of the financing, Ed Yip, partner at Norwest Venture Partners, will join Noyo’s Board of Directors.
The capital represents resounding validation of Noyo’s technology and mission to unite key players in the group benefits ecosystem around the need to deliver modern, frictionless benefits experiences. The COVID-19 pandemic and the rise of a remote workforce has increased complexities for how companies offer employee benefits across multiple states, at the same time these benefits have become critical to attracting and retaining talent in a tight labor market.
“Every person deserves to feel protected and supported by their benefits,” said Shannon Goggin, CEO and co-founder of Noyo. “Whether starting a new family, changing careers, planning for retirement, or something else entirely, it’s important that benefits take into account each person’s individual needs. We’re proud to be providing the technology upon which a new generation of more personalized, accessible, and understandable benefits will be built.”
Founded to bring group benefits into the modern age, Noyo’s technology streamlines the digital transformation of the benefits industry, enabling fast, accurate, and secure data exchange through an API-powered data infrastructure. The company’s suite of APIs allows critical insurance and benefits data to flow from point to point or exist embedded in the applications consumers use every day, ultimately unlocking industry-wide connectivity with powerful network effects.
“By enabling partners to build dynamic products and solutions atop innovative technology, Noyo not only improves everyday experiences for consumers but also acts as a powerful catalyst for further growth,” said Ed Yip, partner at Norwest Venture Partners. “We look forward to supporting Noyo’s continued progress and impact as they lead an industry-wide transition into the next era of insurance and benefits.”
Noyo’s success has already earned them the partnership of major insurers and benefits software platforms, including Ameritas, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits. This added investment from Gusto, the modern payroll, benefits and HR platform for growing teams, and Workday Ventures, which accelerates the growth of emerging enterprise companies that are valuable to Workday customers, speaks volumes to how Noyo’s technology is already advancing the industry.
“Benefits are a crucial component to employee productivity and well-being,” said Mark Peek, managing director and head of Workday Ventures. “We’re choosing to invest in Noyo because their powerful platform allows these vital health services to be quickly and easily delivered to employees, which in turn improves the overall employee experience.”
“Gusto's people platform exists to help build a world where work empowers a better life. A vital part of our efforts is to increase access to affordable health coverage," said Andy Toung, Gusto's Chief Strategy Officer. "Our investment and product integration with Noyo is part of Gusto's commitment to the collective ecosystem that is focused on making it easier for businesses of every size and across every industry to provide health benefits to their employees.”
With this latest round of funding, Noyo will expand its product offerings, develop more partnerships with leading carriers and benefits software providers, and grow its reach and impact across new audiences and verticals.
To learn more about Noyo’s technology, partnership opportunities, and careers, visit www.noyo.com.
Noyo is building the modern data infrastructure that makes frictionless employee benefits possible. Founded by leaders in benefits, insurance, and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry with seamless digital connectivity. With Noyo, crucial benefits data is instantly available anywhere it’s needed, unlocking new possibilities for how benefits are designed and delivered. To learn more about how Noyo’s industry-leading technology is powering the next generation of employee benefits, visit www.noyo.com.