- Noyo recently announced it raised $45 million in funding. These are the details.
Noyo – a leading API platform powering frictionless benefits – recently announced that it has closed $45 million 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 funding Ed Yip, a partner at Norwest Venture Partners, will join Noyo’s Board of Directors.
This funding round 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. And the COVID-19 pandemic and the rise of a remote workforce have 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.
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 API-powered data infrastructure. And 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, unlocking industry-wide connectivity with powerful network effects.
Noyo’s success has already earned them the partnership of major insurers and benefits software platforms, including Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits. And 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.
With this latest round of funding, Noyo plans to 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.
KEY QUOTES:
“Every person deserves to feel protected and supported by their benefits. 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.”
– Shannon Goggin, CEO and co-founder of Noyo
“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. 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.”
– Ed Yip, partner at Norwest Venture Partners
“Benefits are a crucial component to employee productivity and well-being. 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.”
– Mark Peek, managing director and head of Workday Ventures
“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. 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.”
– Andy Toung, Gusto’s Chief Strategy Officer
