Forma raises $40 million

Life benefits platform Forma has raised $40 million in Series B funding led by Ribbit Capital. Other investors participating in the round include Emergence Capital, Stripe, Designer Fund, Upside Partnership, and AngelPad, as well as several strategic angels such as Tobias Lutke, founder and CEO of Shopify, Joe Gebbia, co-founder of Airbnb, and Jack Altman, co-founder and CEO of Lattice.

Forma, formerly Twic, enables “modern companies” to design and scale flexible, global benefits programs with options that fit employees’ lives, from health and wellbeing to lifestyle and beyond. 125+ companies, including Zoom, Twitch, Lululemon, Palo Alto Networks and Stripe, use Forma’s benefits platform.

“Forma’s vision is to help the modern workforce find harmony at work and in life. We founded the company to help employers provide flexible benefits during important life moments that matter. This new investment will power Forma’s next stage of growth as we accelerate the company roadmap and double down on our core customers.” – Jason Fan, co-founder and CEO of Forma.

“Employers have historically provided cookie-cutter benefits models as they aren’t able to make benefits flexible at scale. However, with the new ways of working brought on by the pandemic, employees now demand more flexibility and choice from employers. Forma’s life benefits platform answers a greater market need for flexible benefits as companies redefine the way they work and look for new ways to engage teams.” – Max Hsieh, co-founder and CTO of Forma.

“Forma’s modern benefits platform helps HR teams solve top of mind challenges related to remote and hybrid work environments and offers employees a 10x better experience. We’ve admired Jason and Max’s relentless execution for years and are excited to officially be teaming up.” – Jordan Angelos, general partner at Ribbit Capital.