Ease raises $41 million
HR and benefits software solution Ease has closed $41 million in a Series C funding round led by Spectrum Equity with participation from existing investors Centana Growth Partners, Propel Venture Partners, Freestyle Capital, Compound Ventures and Upside Partnership. In conjunction with the investment, Vic Parker from Spectrum Equity will join Ease’s board of directors. To date, the company has raised $70 million.
Founded in 2012, Ease works with companies that range in size from as few as two to 250 employees and is now used by over 2,000 insurance agencies. Through Ease’s EaseConnect+ offering, a first-to-market solution launched in 2018, one million SMB employees have their health benefit data connected directly to their insurance carriers via Ease. Insurance partners include Mutual of Omaha, Ethos Life, Allstate, Guardian Life, Humana, among others.
“SMBs often do not have dedicated personnel or technology resources to facilitate critical health, life and medical insurance decisions for their employees. Ease provides a cloud-based platform to solve a long-standing structural pain point of distributing critical and complex insurance products to a widely dispersed SMB market. Ease has done a brilliant job working with insurance brokers to help even the smallest companies modernize their benefits administration tech stacks. We’re excited to collaborate with David and the Ease team as they continue to provide a unified system of record for critical benefits data accessed by businesses, brokers and insurance carriers.” – Vic Parker, Managing Director of Spectrum Equity.
“This pandemic reinforced an already accelerating trend: companies are becoming increasingly more reliant on digital solutions to conduct business and meet their employees’ needs, and brokers who have not already adopted more modern technology capabilities, are running the risk of becoming obsolete. I am proud of what Ease has accomplished over the past year — we have shown that our team is ahead of the market with our technology. We are thrilled to add Spectrum Equity, a strategic partner with demonstrated success scaling insurtech and SMB-focused companies of our scale, to our investor group. With the support of our investors, we have a clear path ahead to continue to work with forward thinking carriers that are committed to helping SMBs and the millions of people they employ.” – David Reid, Co-Founder and CEO of Ease.