Nava Benefits raises $40 million

Nava Benefits, which looks to bring the big company benefits playbook to small and medium-sized businesses, announced the completion of a $40 million Series B funding round led by Thrive Capital, with participation from existing investors Avid Ventures, Quiet Capital, and Sound Ventures. New investors GV, K5 Ventures, and Homebrew also participated, alongside several angel investors.

Founded in 2019, Nava is a benefits brokerage offering a search engine to help employers discover and learn about 600+ providers across 28 benefits categories, backed by reviews from fellow HR professionals. The startup helps employees select plans that meet their specific needs, understand their plan options, book appointments, interpret claims, and resolve billing issues.

“Health insurance is a massive, $3T market. But while there’s been an explosion of innovation happening in the space, very little of it reaches the average American employee. It’s shocking that in the year 2022 healthcare is still so fractured in America. Nava is working to bring Fortune 500-level benefits to all businesses and their employees.” – Kareem Zaki, co-founder of Nava and general partner at Thrive Capital.

“The stakes have never been higher when it comes to employee health and benefits: costs are spiraling and employees are overwhelmed. Since day one we’ve been committed to leveling the playing field for SMB employers and their people by giving them access to the same benefits, tools, and member support enjoyed by the Fortune 500, and our progress to date is proof that the approach is working. Our large market renewal trend is one third of the national average. We look forward to scaling our approach and reaching more Americans to provide them with better health education and benefits.” – Brandon Weber, Nava co-founder and CEO.