Total amount raised
$315 Million
Latest funding date
5/1/2022
Location
Noyo has raised funds over two rounds, with the latest being a Series B round led by Norwest Venture Partners. The company is backed by a total of 13 investors, including Gusto and Spark Capital.
Keep reading to explore the intricacies of Noyo's fundraising journey and the investors backing this innovative platform.
What Is Noyo?
Noyo is a software company that provides digital infrastructure for health insurance through an API platform. The company operates in multiple industries, including FinTech, Health Care, Information Technology, InsurTech, and Medical. It is located in San Francisco, California, and has a workforce of 51-100 employees.
Additionally, Noyo offers a modern benefits operating system called BenefitsOS, which aims to simplify and enhance the benefits experience for the entire ecosystem. The company emphasizes real-time enrollment, data management, and carrier connections through a unified API, positioning itself as a leader in the benefits technology space.
How Much Funding Has Noyo Raised?
- Series A
- Amount Raised: USD 12,500,000
- Date: September 2020
- Lead Investors: Costanoa Ventures, Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Noyo's capabilities and enhance its API platform for better health insurance data management.
- Series B
- Amount Raised: USD 45,000,000
- Date: May 2022
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of Noyo's infrastructure technology and expand its product offerings.
Total Amount Raised: USD 57,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage venture capital and growth equity investment firm. They invest in early to late-stage companies across a wide range of sectors.
- Investment Focus Areas: Technology, Healthcare, Financial Services
- Notable Investments: Uber, Spotify, BlueJeans
- Costanoa Ventures
- Details: Costanoa Ventures is an early-stage venture capital firm that invests in enterprise software companies. They focus on helping founders build lasting businesses by providing capital, connections, and operational support.
- Investment Focus Areas: Enterprise Software, FinTech, Data and Analytics
- Notable Investments: Alation, Quizlet, Intacct
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups at various stages of development. They focus on companies that are transforming industries through technology and innovation.
- Investment Focus Areas: Consumer Internet, FinTech, Media and Entertainment
- Notable Investments: Twitter, Slack, Oculus
- Gusto
- Details: Gusto is a company that provides cloud-based payroll, benefits, and human resource management software for businesses. They aim to simplify the process of managing employee benefits and payroll.
- Investment Focus Areas: Payroll Management, Employee Benefits, Human Resource Management
- Notable Investments: Zenefits, Xero, Expensify
- Workday Ventures
- Details: Workday Ventures is the strategic investment arm of Workday, Inc., focusing on investing in companies that are pioneering technologies to drive the future of work. They support early to growth-stage companies.
- Investment Focus Areas: Future of Work, Enterprise Software, Human Capital Management
- Notable Investments: Scout RFP, Pymetrics, BetterUp
What's Next for Noyo?
Noyo stands at the cusp of significant growth, driven by the increasing demand for flexible and personalized benefits solutions. The rise of remote work and the need for modernized benefits systems present vast opportunities for the company to expand its partnerships and product offerings. With a successful Series B funding round, Noyo is well-positioned to further develop its API-powered data infrastructure, enhancing the delivery and management of employee benefits.
Future fundraising opportunities appear promising as Noyo continues to innovate and scale its technology. The company's ability to attract high-profile investors indicates strong market confidence and potential for additional funding rounds. However, Noyo must navigate challenges such as ensuring data security, complying with varying regulations, and staying ahead of competitors in the insurtech space. By addressing these challenges, Noyo can solidify its position as a leader in the benefits technology industry.
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