Benefitbay raises $18 million

Benefitbay raised $18 million in Series A funding led by Ten Coves Capital.

The company offers a broker-first ICHRA administration platform that helps employers offer defined contribution health benefits. benefitbay supports plan comparison, enrollment, compliance, payroll integration, payments, carrier connectivity, and employee education.

Founded in 2021, Benefitbay currently supports more than 40,000 covered lives and plans to use the funding to expand its payments infrastructure, carrier and payroll integrations, and broker tools.

In connection with the funding, Benefitbay appointed Kevin Mullins as president and CFO. Mullins previously served as CFO of Zarminali Pediatrics and chief development officer at LifeStance Health.

“What stood out to us about Benefitbay is the quality of what the team has built and the conviction with which they’ve built it. The platform reflects a deep understanding of how brokers, employers, and employees actually engage with health benefits, and that understanding shows up in the product, the partnerships, and the results. We’re thrilled to partner with this team and lock arms for their next phase of growth.” – Michael Lipin, Principal at Ten Coves Capital.