UK-based Ben raised a $2.5 million Seed round for its employee benefits and rewards app focused on the SMB. Ben’s model puts a budgeted spend per employee on a Mastercard, giving the employee flexibility and choice of group benefits like medical, wellness, or dental benefits, as well as elective benefits, perks, or other products from myriad categories.
Employee benefits get attention from business and HR leaders as well as investors. It’s an area with a big spend, but also a potentially high return of of employee engagement and retention. As the workforce continues to become more distributed and remote, and wellness is increasingly a core conversation we’re seeing more solutions like Ben pop up in the market.
Of the $5 billion HR technology VC invested globally in 2020, employee benefits received $258 million and wellness received $485 million.
Source: Ben wants to be Big: the London-based HR tech startup raises $2.5 million from heavy hitters