PruVen Capital

Managing employee health-related benefits

Health Benefits Platforms

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 Cleo offers a care navigator platform designed to offer comprehensive support to working families across all stages of caregiving, from family planning to elder care. The key feature of Cleo's platform is its personalized care plans, which are structured to address the specific needs of each family or caregiver. These support plans are evidence-based, allowing members to complete tasks at their convenience, ensuring a tailored approach to caregiving.&nbsp;
 
 
 The platform also offers a Family Health Index, a tool that offers real-time health reports across seven dimensions of family health. This allows a comprehensive understanding of the support needs of Cleo members and their families. Additionally, the platform enables members to add themselves as caregiving recipients, emphasizing the importance of self-care in the caregiving process.
 
 
 In May 2022, Cleo acquired CareTribe, a specialist support platform for family caregivers. Following this acquisition, Cleo extended its services to the adult care market. This allowed Cleo to provide complete support for working families and caregivers. The move was strategic for the company, as it experienced significant growth and aimed to further leverage the increasing demand for caregiver support in the workplace.
 
 
 Key customers and partnerships
 
 
 As of February 2024, Cleo served over 181 companies across 60 countries. Some of its key clients included leading companies such as Pinterest, SalesForce, PepsiCo, Red Bull, and Cooley.
 
 
 Funding and financials
 
 
 In March 2021, Cleo raised USD 40 million in a Series C funding round led by Transformation Capital with participation from other investors including Glynn Capital, PruVen Capital, and Gaingels plus existing investors Greylock, NEA, and Felicis. The proceeds were expected to be used to expand its team, with a particular focus on product growth and engineering, to meet the escalating demand.
 
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 Angle Health is a healthcare technology company that specializes in providing health insurance solutions tailored specifically for startups and technology companies. The company offers a full-stack health insurance service that provides features such as straightforward plan design, automated onboarding, and seamless integration of telemedicine services.&nbsp;
 
 
 Angle Health has also developed a network of physicians and facilities, essential for delivering care and services. By leveraging technology, the platform enhances the care journey for both members and providers, making insurance interactions more efficient and effective. This includes 24/7 access to digital provider directories, care resources, and Angle&rsquo;s telemedicine platform, enabling members to receive care anytime and anywhere.
 
 
 The company operates primarily in the State of Utah, where it offers employer-sponsored health insurance plans through Angle Insurance Company of Utah. Beyond Utah, through its subsidiaries Angle Insurance Services and Adrem Administrators, Angle Health extends its employer-sponsored health insurance solutions to several other states in the US.
 
 
 Key customers and partnerships
 
 
 Angle Health primarily serves startups and technology companies, offering them employer-sponsored health insurance plans.
 
 
 Funding and financials
 
 
 In January 2023, Angle Health raised USD 58 million in a Series A funding round led by Portage, with contributions from other participants such as SixThirty Ventures, Crew Capital, PruVen Capital, and Mighty Capital. Existing investors such as Correlation Ventures, Blumberg Capital, Y Combinator, and TSVC also supported the round. The company planned to use the proceeds to facilitate its continued expansion into new markets.
 
 
 
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Distributed workforces require new solutions for office operations, HR, payment, and more.

Remote Work Infrastructure

Finch offers a unified API that allows companies to access more than 200 payrolls, HRIS, and benefits systems to develop HR dashboards and streamline various HR functions, including employee onboarding, benefits management, and cost tracking. It also caters to use cases such as retirement benefits and insurance plan enrollment. The company initially focused on helping lenders process paycheck protection program applications and expanded into the employment API ecosystem. Finch also caters to use cases such as employee income verification through census data (e.g., name, income, DOB, email, phone number, etc).&nbsp;Finch uses a subscription-based business model, which includes a freemium plan, with paid plans starting at USD 35 per month per connection, and custom pricing for larger enterprises.Key customers and partnershipsAs of April 2024, the company had over 5 million daily API calls from 35,000+ enterprises, including that of Sequoia, Carta and Betterment.Finch offers two kinds of integrations: (1) Automated API, which offers instant data extraction from connected systems, and (2) Assisted API, which requires additional implementation steps and extracts data periodically. The automated APIs that Finch integrates with include bambooHR, Bob, Greenhouse, and Gusto, while the assisted API integrations include AAP isolved, Abacus HCM isolved, AccountantsWorld, etc.Funding and financialsIn June 2023, Finch raised USD 3 million in funding from Intuit Ventures. Funds were earmarked to expand operations and its business reach.&nbsp;Previously, in <a href="https://sp-edge.com/updates/16571">February 2023</a>, Finch raised USD 40 million in a Series B round. The funding was allocated to add coverage for more payroll and benefits systems, expand into new employment data verticals, and grow Finch's engineering, product, and customer success teams by increasing its workforce to more than 80 (from 57) in 2023.

Helping employers provide personalized, high-touch, and holistic financial wellness tools to their entire workforce.

Financial Wellness Tools

Trunk Tools is a construction-focused FinTech startup that addresses the skilled labor shortage by helping workers get paid faster. It provides an all-in-one platform designed to manage skilled labor and complex projects across industries like construction and manufacturing.&nbsp;The Trunk Performance product is designed to enhance productivity by linking a portion of cost savings and profitability of projects to employee rewards, facilitating expedited payments, and offering earned wage access. The platform uses AI to assist managers in setting productivity goals and safety rewards, which are delivered directly to workers via SMS, eliminating the need for additional app downloads. Workers can view tasks, check balances, review transactions, and perform other essential functions directly from their phones. Companies can pay employees instantly using dedicated debit cards while Trunk Tools’ software integrates seamlessly with existing payroll systems to ensure efficient operations.The company operates through a subscription model, targeting blue-collar construction and manufacturing companies with fully-developed project management and enterprise resource planning processes, typically employing more than 100 skilled trades professionals.Key customers and partnershipsThe company’s notable customers include Gilbane, Suffolk Construction, STO Building Group, Charps, and AMLI Residential.

The latest line of defense against rising cyber attacks

Cyber Insurance

Cowbell is a cyber insurer offering an AI-powered “adaptive” cyber insurance product for SMBs with up to USD 500 million in revenue, bundled with comprehensive cyber risk management tools and resources to improve their risk profile, avoid cyber incidents, and minimize claims.The firm writes its own admitted lines coverage on A-rated paper through its admitted carrier Cowbell Specialty and also operates as a managing general agent (MGA) to offer surplus coverage written by partner insurance carriers. Cowbell offers standalone cyber policies, with comprehensive first- and third-party coverage including breach costs, ransomware payments, hardware and data replacement costs, and contractual damages or regulatory fees and fines.Cowbell’s AI-powered underwriting platform leverages a series of proprietary risk ratings called Cowbell Factors to gauge a potential policyholder’s risk profile. Businesses are continuously underwritten throughout the issuance and coverage cycle to tailor coverage to each firm’s unique environment and provide comprehensive risk insights and resources to improve their cyber posture. Cowbell Factors reportedly covers a risk pool of over 31 million businesses or 92% of US SMEs (as of July 2023).In April 2023, <a href="https://sp-edge.com/updates/17768">Cowbell introduced “MooGPT,” </a>a collection of generative AI tools for its broker partners and policyholders that act as a source of on-demand security and policy-related information.Key customers and partnershipsThe company serves thousands of customers and has a network of more than 23,000 agents and 3,500 agencies across retail, wholesale, and embedded channels as of May 2023 and partners with various companies, including cloud platform and cloud security vendors, cyber advisory firms, and managed services companies, to provide policyholders access, with incentives, to robust security and risk solutions.Cowbell is backed by 20 prominent insurers and reinsurers, including Skyward Specialty. Palomar, Swiss Re, and Obsidian, and launched its own captive reinsurer Cowbell Re in January 2022 to bolster capacity and gain flexibility in insurance operations.Funding and financialsIn November 2023, Cowbell <a href="https://sp-edge.com/updates/23868">raised</a> USD 25 million in fresh funding from Prosperity7 Ventures, a diversified growth fund of Aramco, and several new and existing investors to help make its cyber insurance business profitable, with a focus on enhancing its offering for markets in the US and UK.

Enabling the health systems to seamlessly connect, exchange, and interpret shared data

Hospital Interoperability

Particle Health is a developer-friendly API platform that aggregates and standardizes data from over 270 million patients' medical records across thousands of healthcare sources in the US. The company's comprehensive API enables healthcare providers and digital health companies to easily obtain clinical data points and actionable patient health insights through a single integration. Particle Health's technology performs patient matching behind the scenes to connect accounts within HIPAA authorization, overcoming the challenges of accessing medical records across different portals and providers.
Since its inception, Particle Health has achieved significant milestones, including a 90% success rate in finding patient records and an average of 105 records per patient search as of July 2022. The company has expanded its offering beyond electronic medical records (EMRs) to include data sources such as pharmacy records, admission, discharge, and transfer (ADT) notifications, and billing claims data, with plans to integrate genomics and other sources in the future.
Key customers and partnerships
Particle Health has formed notable partnerships and collaborations with various healthcare companies and organizations. For instance, xCures, a technology platform that uses artificial intelligence and predictive modeling to identify and rank treatment options for cancer patients, has integrated Particle Health's Specialty Search capabilities. This integration allows xCures to efficiently access comprehensive oncology data, leading to a significant increase in program enrollment and better patient care management.
Another strategic partnership was announced in November 2023 between Particle Health and Hona, a customizable AI product that converts health records into concise patient overviews. By integrating Particle Health's API for medical record retrieval, Hona can analyze and present a complete view of a patient's health history, enabling providers to make informed clinical decisions and streamline care encounters.

Digitizing the commercial real estate value chain

Commercial PropTech

HqO is a company that provides a workplace experience platform designed to engage and connect employees within office buildings and hybrid work environments. Their platform offers a suite of applications and services that aim to simplify office re-entry, activate workplace amenities and spaces, and increase tenant and employee engagement.
The key features of HqO's platform include desk and space reservations, visitor management, health and safety protocols, amenity and space utilization tracking, and sentiment analysis tools to collect employee feedback. The platform enables companies to promote workplace events, amenities, and connect employees with surrounding businesses and services.
HqO's platform provides real-time visibility into property engagement, tenant satisfaction, space utilization, and building populations, allowing organizations to optimize their workplace investments. It offers a branded mobile app experience for tenants and guests, configurable to align with a company's branding and messaging.
The platform integrates with various technology partners through the HqO Marketplace and adheres to security and compliance measures to protect user data. As of July 2022, HqO's platform powered over 500 million square feet of real estate, with over 3,000 companies using their services, including 57% of Fortune 100 companies.

Simplifying the insurance experience for businesses using technology

InsurTech: Commercial Lines

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 Newfront Insurance (Newfront) provides a range of insurance solutions, which include property and casualty, cyber risk, and workers&rsquo; compensation through the integration of advanced technology and data-driven insights. The company leverages a digital platform to offer access to policies, claims, and other essential insurance documents. In July 2021, the company announced a merger with ABD Insurance and Financial Services, a company specializing in employee benefits, insurance, and financial services, to expand its customer reach and broaden its product offerings.&nbsp;
 
 
 
 
 
 Key customers and partnerships&nbsp;
 
 
 As of May 2024, Newfront served over 14,000 clients in 100+ countries, spanning numerous industries such as technology, real estate, transportation, and manufacturing.
 
 
 
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Trunk Tools offers an AI-driven platform designed to automate construction-specific workflows. The company focuses on enhancing team efficiency in the construction industry through tailored solutions. It supports a wide range of users, including superintendents and project managers, to streamline operations on job sites.

Where GovCon Primes and Subs Collaborate. Subcontractor management software for federal government contractors.   Vertical SaaS, GovTech, GRC

KarmaCheck is a software company that provides technology-based solutions for background checks, credentialing, and compliance. With an API-first platform, a mobile-friendly candidate experience, and rapid customer service response times, KarmaCheck delivers accurate background checks faster.

Clever Care Health Plan is a healthcare company that offers medicare advantage health plans to its members. Clever Care Health Plan offers culturally sensitive health care solutions that provide members better access to the services they need, in the language they understand. The company was founded in 2019 and headquartered in Westminster, California with a second office in Arcadia, CA.

Finch makes it possible to access org-wide directory, payroll, and benefits data across 200+ payroll, HRIS, and benefits systems —all through a single integration. As the world moves toward standardized, open, and interconnected data systems, the company provides the connective infrastructure underpinning the employment sector. Finch empowers innovators to access the global employment ecosystem.

Angle Health delivers the modern health insurance tech platform as well as health care plans for startups.

Particle is an API platform for healthcare data exchange allowing patients and consumers to share their medical information. Its platform enables a single health record-tying together previously disparate information from a patient's various doctors and yielding valuable data insights in the process by combining healthcare records from thousands of sources. The platform then standardizes the data to FHIR R4 to ensure that they are usable at scale.

Cowbell is a cyber insurance company for small and medium-sized enterprises (SMEs), providing adaptive cyber insurance with coverage that evolves with today's and tomorrow's threats. Cowbell offers specialized standalone cyber coverage tailored to the unique needs of each business. Its innovative approach utilizes AI for continuous risk assessment and underwriting, providing policyholders with a comprehensive, closed-loop risk management solution that includes risk prevention, mitigation, incident preparedness, and response services.

Contabilizei offers an online accounting service for small and micro enterprises. The company positively impacted the lives of thousands of micro and small businesses by implementing cost-effective, intelligent online accounting. Fábio Bacarin and Vitor Torres founded it in January 2014, with its headquarters in Curitiba in Brazil.

Deed’s SaaS platform makes it easy for employees to donate to their favorite charities and volunteer with good causes. HR and social impact teams at companies like Airbnb and Stripe use Deed to increase employee engagement and retention. It was founded by Deevee Kashi, Steven Liu, and Aske Ertmann, and has offices in Brooklyn, Berlin, Tel Aviv, and San Francisco.

Embed provides modern securities execution, clearing, settlement, and custody APIs for fintechs, broker-dealers, RIAs, banks, and trust companies.

Pismo is a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure. The data centers of the company provide build-to-order services by providing more features and personalization options, allowing enterprise, cloud computing, and service provider customers to solve their needs through the patented architecture, scalable design, low cost of ownership model, and overall speed to market.

Lifepal is the largest insurance marketplace in Indonesia by traffic with 4 mil monthly visitors (2020) where customers can ''Compare. Save. Claim.'' We help customers by offering the i) largest selection of policies in the country, ii) pricing advantages, iii) convenience in buying and using the policy, and iv) transparency of information. The company launched its website in March 2019 and is located in Jakarta. It is founded by alumni from Lazada, Y Combinator, and Rocket Internet.

TrustLayer is an insurtech solutions company that automates insurance verification with machine learning & AI and provides real-time updates on the R3 Corda distributed ledger ecosystem. TrustLayer helps companies eliminate error-prone, manual processes and streamline existing workflows to increase insurance compliance and decrease organizational risk. Customers in multiple billion-dollar industries such as construction and property management rely on TrustLayer for its ease of use, tracking and verifying certificates of insurance and other business documents, increased vendor compliance, and the ability to utilize their platform for multiple use cases.

Avibra is an ecosystem-based well-being, risk and protection advisor offering no-cost and affordable financial, insurance and lifestyle benefits. It provides both direct-2-consumer access via app and enterprise distribution through its embedded platform offering. Founded in 2019 by a finance and life insurance industry veteran to better serve a U.S. population faced with increasing costs for shrinking benefits, Avibra helps consumers from all walks of life connect with its growing selection of no- and low-cost benefits. A-la-carte options, offered for just one dollar a week, range from increased life and AD&D coverage, telehealth and teletherapy services, to phone repair and roadside assistance. For more information, visit Avibra.com.

At HqO, we transform how people connect with each other and the places they work by bringing together a full suite of tools that combines digital, physical, and personal amenities and services — all in one app. The HqO Workplace Experience Platform lets companies and commercial property teams create high-end and personally curated environments that foster safety, sustainability, creativity, and collaboration.   We are backed by some of the world’s most prominent venture capitalists and real estate companies across the globe. Driven by our company Let’s Go values — Learning, Excellence, Truth, Speed, Goodness, Ownership — we strive to do our best work every single day. If you want to join a stable, fast-growing, highly collaborative, and supportive team that is at the forefront of workplace transformation, we’re the company for you.  Check out our open positions at https://www.hqo.com/careers/.

Cleo is a family support system that employers offer working parents, by helping families navigate their journey from fertility, to pregnancy, to parenting of newborns, infants, toddlers, and children to age 5. Employers choose Cleo as a strategic partner to power their culture transformation and see increased employee retention, more diverse and inclusive workplaces, and reduced health claims. Cleo supports parents globally in 50+ countries and works with forward-thinking companies like eBay, LinkedIn, Uber, and Straus Family Creamery and many others.  Cleo is headquartered in San Francisco and is backed by Felicis Ventures, Forerunner Ventures, Greylock Partners, and NEA. Learn more at hicleo.com.

PruVen Capital is an independent venture and growth investing firm set up in partnership with Prudential Financial as our single LP.

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