Noyo raises $45M funds led by Norwest Venture Partners


Noyo is an API-based platform providing frictionless services to its customers. This company has recently raised $ 45 million via a Series B round. Norwest Venture Partners have led this financing along with Gusto, Workday Ventures, and Cap Table Coalition. Other investors like Fika Ventures, Operator Collective, Garuda Ventures and others have also participated in this round.

This massive funding evidences the ability of the company to use advanced technology and to collaborate with group players to develop a modern and highly scalable frictionless benefits experience. The recent coronavirus pandemic and the practice of remote work have increased the challenges of companies in providing employee benefits. On the other hand, these benefits have also gained more importance in attracting and retaining talented employees.

CEO and Co-founder of Noyo, Shannon Goggin, has mentioned that employee protection is necessary for employees at different stages of their lives. This company has the

The ability to provide customized employee benefits per their individual needs and wants.

The frictionless benefit services provided by the company have streamlined the technological advancements in the benefits industry, which have further enabled innovative and accurate access and exchange of data through API-based data infrastructure.

Noyo uses innovative technology to develop products and solutions that help them provide a practical customer experience and ensure their long-term growth. Ed Yip, Partner at Norwest Ventures Partners, has mentioned that they are supporting this company’s progress and impact on the insurance industry and its benefits. This company has already partnered with companies like Anthem, Ameritas, Guardian Life, Humana, Zenefits and others.

Moreover, the additional investment from Gusto and Workday Ventures also evidences the ability of growth potential of the company. Gusto provides modern payroll and is famous for practical benefits and HR platforms. In contrast, Workday Ventures is famous for ensuring the development of emerging enterprises which are highly beneficial for the modern era.

The managing director and head of Workday Ventures, Mark Peek, has mentioned that benefits are crucial for employee wellbeing and productivity. This company has chosen Noyo to utilise their practical benefits software to increase customer satisfaction. On the other hand, the Chief Strategy Officer of Gusto, Andy Toung, has mentioned that one of their main focuses is increasing access to healthcare among employees.

The investment of Gusto towards product integration with Noyo has been the central part of Gusto’s commitment to a collective ecosystem. The main focus of both companies is to make it easier for every business of every size to provide health benefits to its employees effectively.

This funding will enable the company to expand its product offerings and develop new partnerships with benefit software providers and carriers, increasing its customer base and expanding its business.

About Noyo

Noyo is a leading company in API-based insurance and employee benefits. Noyo helps provide relevant data about benefits anywhere and anytime, giving rise to new opportunities for different organisations.

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