Index Ventures is a venture capital firm based in London, San Francisco, and Geneva, helping entrepreneurs turn bold ideas into global businesses.  Since 1996, Index has partnered with exceptional entrepreneurs who are using technology to reshape the world. The companies they’ve started include Adyen, Deliveroo, Dropbox, Farfetch, King, Slack, and Supercell.

Index Ventures

LocalGlobe is a UK-based venture capital firm that focuses on seed and impact investments. Seeding ambitious UK founders since 1999 inc Citymapper, Improbable, Lovefilm, Moo, Tweetdeck, Transferwise, and Zoopla.

LocalGlobe

Thrive Capital is a venture capital investment firm that focuses on building and investing in Internet, software, and technology-enabled companies.

Thrive Capital

Thayer Street Partners is a private investment firm that makes structured finance & corporate investments in growth opportunities within the technology-enabled business services, financial services, and specialty finance sectors.

Thayer Street Partners

Gotham Gal Ventures is a venture capital firm that invests in all sectors of companies in the US.

Gotham Gal Ventures

Bain Capital Ventures invests in seed to growth-stage startups that are using tech to disrupt existing markets or create entirely new ones.  The firm invests from seed to growth in enterprise software, infrastructure software, and industries being transformed by data.  Bain Capital Ventures has helped launch and commercialize 200-plus companies since 2000, including investments in DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo, and TellApart. Bain Capital Ventures has more than $5.2 billion of assets under management with offices in San Francisco, New York, and Boston.

Bain Capital Ventures

Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. The firm invests in startups across seed, early, and growth phases. In total, Redpoint manages $4 billion across multiple funds.

Redpoint

Radian Capital is a growth equity firm that invests in business to business software and services companies.

Radian Capital

FirstMark is a venture capital firm based in New York City. The firm's mission is to partner with exceptional entrepreneurs who are changing the world by solving meaningful problems. FirstMark has proudly backed founders of remarkable businesses like Pinterest, Shopify, DraftKings, Discord, Airbnb, and dozens more.

FirstMark

Bain Capital is a multi-asset alternative investment firm with assets under management and operates business units that create value through private equity, public equity, credit, and venture capital across multiple sectors and industries.

Bain Capital

Union Square Ventures is a private equity and venture capital firm focused on early-stage, growth capital, late-stage, and startup financing. The USV portfolio companies create services that have the potential to fundamentally transform important markets.  It exclusively invests in the internet world, focusing on the applications layer of the web, internet services, and web services that create large networks as well as the mobile sector. Some of its invested companies are based in New York, San Francisco, London, Berlin, and places in between. It typically makes a starting investment in portfolio companies of $1 million. In certain Series Around cases, the firm may make a starting investment between $2.5 million to $3 million. It typically invests up to $20 million in any single company. Union Square Ventures was founded in 2003 and is based in New York, United States.

Union Square Ventures

Spark Capital is an early-stage venture capital firm that invests in exceptional products and the creative individuals behind them. Known for embracing risk and a unique approach, Spark Capital has backed companies like Twitter, Discord, Anthropic, Cruise, Niantic, Oculus, Warby Parker, and Tumblr. Recognizing that there are no set playbooks or formulas for success, the firm supports founders in achieving success on their own terms. Spark Capital invests across all sectors and stages, operating out of San Francisco, Boston, and New York City.

Spark Capital

Latitude Ventures is the series B+ sister fund to UK-based seed fund LocalGlobe. Latitude invests in emerging break-out companies from LocalGlobe, as well as more widely in the most ambitious founders. Latitude and LocalGlobe have been early investor in iconic companies including Transferwise, Zoopla, Improbable, Robinhood, Citymapper and Secret Escapes, as well as emerging stars including Tessian, TravelPerk, Flow Commerce and Raisin.

Latitude

Justworks

Maven Project is a primary care centre. Their services include medical consultations, medical education, allergy and immunology, cardiology, dermatology, eating disorders, endocrinology, mental health, and neurology.

Founded in 2012, Justworks makes it easier to start, run, and grow a business. Through our software and as a partner, we help our entrepreneurs take care of their teams, streamline their operations, and navigate the complex aspects of managing a workforce with confidence. Our flexible platform empowers them to assemble powerful self-service capabilities to meet their payroll, tax, HR, and compliance needs. Plus, we’ve got their back with 24/7 human support, on-demand expertise, and access to high-quality benefits designed for the modern workforce.

Justworks is an online platform which supports businesses with payroll, benefits, HR, and compliance tasks across 50 states in the US backed by its PEO and EOR services (available across 100+ countries). Notably, the company claims to have pioneered the first technology-enabled Professional Employer Organization (PEO) model using the SaaS model, transparent pricing with 24/7 expert support. In April 2024, the company launched ‘People Analytics’, allowing customers to analyze workforce data (budgets, staffing needs, benefits).

Distributed workforces require new solutions for office operations, HR, payment, and more.

Remote Work Infrastructure

<div>Justworks offers a platform designed to streamline and simplify payroll, benefits, HR, and compliance processes. The platform is characterized by its ease of use, aiming to reduce the administrative burden on small to medium-sized businesses. The platform is built around principles of simplicity, transparency, and support, ensuring that businesses have a comprehensive solution for managing their workforce efficiently. The solutions offered include competitive benefits, compliance support, easy onboarding, expert customer service, remote employee support, and streamlined payroll.​</div>

Managing employee health-related benefits

Health Benefits Platforms

Red Clover HR Announces Strategic Partnership with Justworks

Maven Project

Justworks is an online platform which supports businesses with payroll, benefits, HR, and compliance tasks across 50 states in the US backed by its PEO and EOR services (available across 100+ countries). Notably, the company claims to have pioneered the first technology-enabled Professional Employer Organization (PEO) model using the SaaS model, transparent pricing with 24/7 expert support. In April 2024, the company launched ‘People Analytics’, allowing customers to analyze workforce data (budgets, staffing needs, benefits).In September 2023, the company acquired international employment platform Via to increase small businesses’ access to the global talent pool. Previously, the company acquired cloud-based time and attendance tracking solutions provider Boomr (October 2020) to expand its product offering.The company generates revenue through monthly subscriptions charged per employee. Plans included Payroll (USD 8), PEO Basic (USD 59) and PEO Plus (USD 99). Other available add ons included EoR services (USD 599), international contractor payments (USD 39) and time tracking (USD 8).Key customers and partnershipsJustworks focuses on businesses with less than 100 employees, and as of July 2023, it served over 9,000 enterprises in the US.Funding and financialsIn November 2023, the company raised USD 16.8 million in funding from 19 investors, as disclosed by an SEC filing. Additionally, the company processed over USD 25.6 billion in payroll in 2023.Previously in <a href="https://sp-edge.com/updates/7560">January 2022</a>, Justworks filed for an IPO on the NASDAQ to raise between USD 196–224 million, at a valuation of up to USD 2 billion. The filing however, was withdrawn in July 2022 citing adverse market conditions.Justworks revenue for the full year ended May 31, 2021, increased 32% to USD 982.7 million compared to USD 742.4 million in the previous year. Net income for the year improved to USD 10.9 million in the same period compared to a net loss of USD 20.3 million in the previous year.

ActivTrak is a cloud-based productivity monitoring software provider. The platform offers data and analytics which can be used to detect workplace productivity gaps. The platform collects data from employee activity logs and computer screenshots, although it does not log keystrokes or record video of a user’s screen. ActivTrak also facilitates a range of tasks for admins such as blocking websites, flagging suspicious activities, IP address connections, and monitoring web, and app traffic.Other features offered include productivity reports and coaching, headcount and workload management and personal insights. In November 2023, the company added capabilities to measure the usage of AI tools, automatically detecting and classifying the use of such tools and websites to help organizations manage and improve AI adoption across the workforce.Activtrak generates revenue via monthly subscriptions (USD 10 and USD 17) per user, and custom pricing for larger enterprises.Key customers and partnershipsAs of April 2024, over 9,500 enterprises used ActivTrak’s platform, notably including Allstate, asembia and Nobu. ActivTrak closed 2023 with a 40% growth in its customer base (adding ~2,200 customers).Funding and financialsIn November 2020, ActivTrak raised USD 50 million in a Series B round led by Sapphire Ventures. Sapphire Ventures CEO and managing director joined ActivTrak’s board as part of the deal. The new proceeds were earmarked for scaling global sales and marketing campaigns, expansion of its platform using AI driven analytics, and improving integration with its technology partners.

ActivTrak

inFeedo is a people predictive analytics company based in India. The Y Combinator-backed startup founded in 2013 is currently focused on “Amber” (launched in 2016), an AI-enabled bot that helps manage employee engagement, predict attrition, and get a pulse on company culture in real time. The company also offers AI-driven exit surveys and analytics to improve retention.Key customers and partnershipsAs of April 2024, over 700,000 users across 250 organizations utilized inFeedo’s platform. Notable clients included GE Healthcare, Puma, Tata Group, and Lenovo.Funding and financialsIn its latest funding round (<a href="https://sp-edge.com/updates/9099">March 2022</a>) inFeedo raised USD 12 million in Series A funding led by Jungle Ventures, reportedly tripling its valuation from less than 18 months ago. The fresh funds will be used for its second employee stock ownership plan (ESOP) buyback for all employees and its go-to-market activities in North America. Further, the company claims it has achieved annual revenue of USD 1.6 million as of November 2020.

inFeedo

Donut provides solutions to keep employees engaged with casual conversations. Its first product, Intros, makes connections between teammates via Slack to emulate quick meetups and in-person introductions at work, which are now virtual.Donut’s new product, Watercooler, launched in October 2020. It attempts to reinvent the micro-interactions between employees at the office watercooler online. The product will integrate with Slack, where a newly-designated channel for Watercooler will be created. The product will post questions automatically within the customers’ desired frequency and pre-selected topics.The company uses a freemium subscription model with paid plans starting at approximately USD 2 per user per month.Key customers and partnershipsThe company claims it has supported four million connections (one million since the Covid-19 pandemic) across its 12,000 customers, including companies such as Okta, Zapier, Slack, The New York Times, and Invision.Funding and financialsDonut announced a USD 12 million funding round led by Accel, along with its new product, Watercooler. The USD 12 million raised was accumulated over multiple rounds before the Covid-19 pandemic, with proceeds earmarked for product development.

Donut

Matter is an employee feedback platform founded by Brett Hellman. Hellman was the founder of messaging app “Hall”, which was founded in 2011 and later sold to Atlassian for USD 20 million in 2015.Matter uses 360-degree feedback to evaluate skills in employees which are linked to career success. The platform links skills such as influence, inclusiveness, empathy, resourcefulness, and multitasking to evaluations. Matter is currently available in beta.

Matter

Mesh is a Y Combinator-backed company that allows employees to set goals, track tasks, share feedback, and engage in one-on-ones. The company also offers an AI coach (Mesh Maven) to help employees stay in line with their key objectives, improve the quality of feedback provided and summarize 1:1s. Mesh also offers nudges and surveys to improve employee engagement alongside relevant analytics.The company generates revenue via monthly subscriptions per user, priced at USD 4 (Base) and USD 7 (Premium).&nbsp;Key customers and partnershipsAs of April 2024, the company served over 100+ enterprises, including NTT Data, Grant Thornton and Groww. The platform also offers integrations with third-party software such as Gmail, Microsoft Teams and Slack, among others.Funding and financialsIn its most recent funding round (<a href="https://sp-edge.com/updates/9768">April 2022</a>) Mesh raised USD 11 million in Series A funding led by RTP Global. The fresh funds were earmarked to expand its global footprint across the US and APAC regions. In line with this, the company planned to expand its headcount across the engineering and sales departments.

Mesh

Companies offering tools to infer employee morale (through surveys and quick assessments) and productivity, including functions for goal setting, review, and feedback.

Companies that offer the entire spectrum of HR tools including payroll processing benefits, onboarding, compliance, analytics, scheduling etc

Companies providing either standalone or combined payroll and benefits services to businesses.

EoR - Companies that assist businesses in hiring distributed teams globally in compliance with foreign labor laws. EoRs become the legal employer of offshore employees. Solutions include payroll, benefits, and taxes.

PEO - Companies that offer similar services to EoRs but establish a co-employment arrangement with businesses and do not become the legal employer.

Companies offering tools such as chatbots, surveys, games, and other activities to infer, assess and improve employee morale and sentiment.

Companies that provide a centralized space for employees to access internal and external resources, enterprise applications, and enable workers to communicate across departments, and stay up to date on organizational announcements.

Solutions in this industry hub are predominantly offered under a B2B SaaS model

Employee and performance management solutions use AI/Ml to infer engagement insights and sentiment analysis

Offers tools for companies to hire contractors globally, and conduct employee and performance management

<div>
 
 Justworks offers a platform designed to streamline and simplify payroll, benefits, HR, and compliance processes. The platform is characterized by its ease of use, aiming to reduce the administrative burden on small to medium-sized businesses. The platform is built around principles of simplicity, transparency, and support, ensuring that businesses have a comprehensive solution for managing their workforce efficiently. The solutions offered include competitive benefits, compliance support, easy onboarding, expert customer service, remote employee support, and streamlined payroll.​
 
 
 The company generates revenue from insurance-related billings and administrative fees collected from customers related to health insurance plans, workers&rsquo; compensation, state unemployment insurance, and other employee benefits. The company also charges subscription fees from customers for its cloud-based software that provides payroll services, HR expertise, employment and benefit law compliance services, and other HR-related services. As of March 2024, its basic package was priced at USD 59 per employee per month, whereas the plus package was priced at USD 99 per employee per month.
 
 
 In September 2023, Justworks acquired Via Global Ventures, an international employment platform, for an undisclosed sum. Following the acquisition, Justworks aimed to facilitate better access to global talent for small businesses. The consolidation also envisages the deployment of Via&rsquo;s resources to boost Justworks' product strategies and the expedition of the delivery of solutions for businesses. Earlier, in October 2020, the company acquired Boomr, a cloud-based Time and Attendance service, for an undisclosed sum. Following the acquisition, Justworks aimed to enhance its software to accommodate the needs of a wider array of small businesses. The company also intended to further harness Boomr's Time and Attendance service to meet the evolving needs of the contemporary workforce.
 
 
 Key customers and partnerships
 
 
 Justworks serves a diverse range of clients across various industries, including agencies, professional services, and tech companies. It caters to businesses of different sizes, from small teams of 1-24 employees to larger organizations with 100+ staff members. Some of its customers include companies like Capsule, First People&rsquo;s Fund, Frost Giant, Kinsta, Mamava, Revel, and Svoogo.
 
 
 In August 2019, Justworks partnered with health insurance provider Kaiser Permanente to expand health insurance access for growing businesses. The partnership enhances Justworks' existing offering, giving small and medium-sized businesses a wider choice of quality health insurance plans.
 
 
 Funding and financials
 
 
 In January 2020, Justworks raised USD 50 million in a Series E funding round led by Union Square Ventures and FirstMark Capital, along with participants like Bain Capital Ventures, Index Ventures, Redpoint Ventures, Spark Capital, and Thrive Capital. The company planned to use these funds to boost its growth and enhance its strengths to meet the evolving expectations of the modern workforce.
 
 
 
</div>

<div>
 
 CoreStream is a developer of an employee health benefits platform that offers payroll deductions for the voluntary benefits marketplace.
 
</div>

CoreStream

<div>
 
 Benebay.com is an online self-insurance platform for smaller employers.
 
</div>

Benebay

<div>
 
 Benecaid is focused on the delivery and administration of employee benefit solutions to small and medium sized enterprises in Canada.
 
</div>

Benecaid

<div>
 
 Benepeak is a consulting firm that provides health benefits for employees using specialized applications according to users' interests.
 
</div>

Benepeak

<div>
 
 Marsh McLennan provides business insurance, employee benefits, retirement, and private client solutions.
 
</div>

Marsh McLennan Agency

Enterprise platforms that help employees and their dependents receive primary or specialist care services as part of their health benefits. These platforms also provide access to Telehealth services, behavioral care services, and remote patient monitoring

Enterprise platforms that help employees better navigate their healthcare journey by identifying which healthcare services are covered under their benefits plan and how to best maximize their use (e.g. identifying a wider pool of suitable regional physicians for consultation)

Enterprise platforms that specialize in helping employees manage their pharmacy- and prescription-related benefits to refill prescriptions or dispense medication for in-store pickup or home delivery

Enterprise platforms that allow employers to directly manage and customize employee benefit plans. These platforms enable enterprises to present employees with multiple health benefits options across health plans and negotiate terms with third-party health administrator services and insurance providers

Platforms are offered using a B2B SaaS business model, enabling digital health

Platforms are offered on a B2B basis to help manage employee benefits across an enterprise

Justworks

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