Noyo raises $45 million
Employee benefits API platform Noyo has closed $45 million in Series B financing. Norwest Venture Partners led the round, with participation from Workday Ventures, Gusto, Cap Table Coalition, Costanoa Ventures, Spark Capital, Homebrew, Operator Collective, Fika Ventures, Precursor Ventures, Garuda Ventures, Core Innovation Capital, and Webb Investment Network.
Founded in 2017, Noyo’s technology enables “fast, accurate, and secure” data exchange through an API-powered data infrastructure. The company’s suite of APIs allows insurance and benefits data to flow from point to point or exist embedded in the applications consumers use every day. Some of the use cases include group installation, member enrollment and renewal.
The San Francisco-based startup has partnerships with insurers and benefits software platforms, including Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits.
“Every person deserves to feel protected and supported by their benefits. Whether starting a new family, changing careers, planning for retirement, or something else entirely, it’s important that benefits take into account each person’s individual needs. We’re proud to be providing the technology upon which a new generation of more personalized, accessible, and understandable benefits will be built.” – Shannon Goggin, CEO and co-founder of Noyo.
“By enabling partners to build dynamic products and solutions atop innovative technology, Noyo not only improves everyday experiences for consumers but also acts as a powerful catalyst for further growth. We look forward to supporting Noyo’s continued progress and impact as they lead an industry-wide transition into the next era of insurance and benefits.” – Ed Yip, partner at Norwest Venture Partners.
“Benefits are a crucial component to employee productivity and well-being. We’re choosing to invest in Noyo because their powerful platform allows these vital health services to be quickly and easily delivered to employees, which in turn improves the overall employee experience.” – Mark Peek, managing director and head of Workday Ventures.
“Gusto’s people platform exists to help build a world where work empowers a better life. A vital part of our efforts is to increase access to affordable health coverage. Our investment and product integration with Noyo is part of Gusto’s commitment to the collective ecosystem that is focused on making it easier for businesses of every size and across every industry to provide health benefits to their employees.” – Andy Toung, Gusto’s chief strategy officer.