Lumity Raises $19M to Bring Employee Benefits Experience into the Modern Era
Investment from DFJ, Social+Capital Partnership and True Ventures caps off banner year that included 800% YOY revenue growth with zero customer churn.
August 23, 2017, San Mateo, CA – Lumity, a technology-driven benefits solution for growing companies, today announced $19M in Series B funding led by DFJ, with participation from current investors Social+Capital Partnership and True Ventures. In the past year, Lumity grew revenue 800% by leveraging proprietary data insights that optimize employee enrollment decisions and company health insurance premiums. Lumity is now expanding the company’s benefits advisory practice and technical and back office teams. DFJ Partner, Josh Stein, will also join the company’s Board of Directors.
People and Finance teams at high-growth companies are under-resourced and are struggling to manage the intricate process of administering complex benefits, along with helping employees choose benefits best suited for their needs. Lumity is the only solution that offers a modern benefits program, which includes data insights, technology, and dedicated support and expertise. Lumity’s unique partnership approach to benefits delivers a vastly better experience to both employer and employee and can drive significant cost savings and better outcomes.
“Set against the backdrop of rising healthcare costs, an opaque healthcare system, confusing benefits choices, and poorly designed software experiences, employers and employees today are demanding the right tools and insights to make the best benefits choices for themselves and their families,” said Tariq Hilaly, Lumity’s co-founder and CEO. “Lumity’s proprietary algorithms and easy-to-use software bring the employee benefits experience into the modern era.”
“Every company has a pain point around integrating HR technology, helping employees make informed benefits decisions, and driving cost savings with increasingly expensive corporate benefits programs. There is no accountability from either HR technology vendors or brokers to truly acknowledge and address the challenges employers and employees face in this new ecosystem,” said Josh Stein, partner at DFJ. “Lumity is the first solution that takes a truly customer-centric approach to tackling the benefits ecosystem. We’re excited to back a group of benefits and technology experts that are filling a huge unmet and unaddressed need.”
As companies grow and evaluate options like self-funding benefits, Lumity’s data insights and health risk modeling empowers employers to understand the optimal benefits funding choices at every lifecycle of their business. With dedicated front line employee support and licensed experts, Lumity’s partnership-driven model has enabled businesses like Lyft, Greenhouse, and GoFundMe, among others, to scale with cost savings and a high NPS employee experience -- and earned the company with 100% customer retention.
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