BrightScope Raises $2 Million, Led By Steelpoint Capital

Posted Sep 7, 2009

BrightScope is a company that helps people understand their 401(k) retirement plans and options in order to maximize their benefits.  Across the country, about 30% of people that have 401(k) options do not utilize the plans.  And about 22% of those that have the options do not contribute enough to maximize what companies ware willing to match.

I believe this is a very useful service.  When I was working at a Fortune 50 company a couple years ago, I did not fully understand what the company was willing to match and so I decided not to contribute anything at all.  Nor did I know the right questions to ask.

Given this lack of knowledge, BrightScope has raised $2 million to fully promote their service.  The financing was led by Steelpoint Capital.  As a result of the funding, Jim Cacavo and Tim Tokarsky will be joining the company board of directors.