Pitango VC is a venture capital firm focused on health-tech (Pitango Health-tech) and growth (Pitango Growth) investments in startups around the world in domains such as vertical SaaS, digital health, deep tech, fintech and insurance technology, devops, generative AI, Web3, and food tech. With two offices in Israel, Pitango currently manages several venture funds totaling over $2.8 billion in committed capital. It has invested in more than 250 companies.

Pitango VC

10D is a venture capital firm that seeks to invest in early-stage Seed and Series A rounds in digital health, fintech, insurance, computer vision, and artificial intelligence startups. The firm previously operated under the temporary name, Ofek Ventures. It pursues startups that disrupt markets by using deep technology, creating new business models, and featuring entrepreneurial teams. 10D makes $1 million to $5 million in initial investments and follow-on investments of up to $10 million. Its portfolio companies include Seebo, the developer of artificial intelligence technologies for industrial plants; StuffThatWorks, a creator of a new healthcare database based on crowdsourcing; DayTwo, a provider of customized nutritional guidelines based on the gut microbiome for the purpose of lowering blood sugar levels; and additional investments. It was led by Yahal Zilka, Rotem Eldar, and Itay Rand in Tel Aviv, Israel.

Zorro

Zorro is an insurtech company that provides health insurance and health services. It reduces health insurance costs for employers and helps them create personalized, better benefits that employees value and want.

Zorro is an Israeli startup that analyzes employer goals regarding benefits in order to create a predictable budget and allowances for employees. They also offer a comprehensive insurance management solution that combines the benefits administration under one platform. Zorro operates in the healthcare and financial industries and its technology enables employers to offer personalized, cost-effective, and transparent employee health insurance plans.

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

Remote Work Infrastructure

<div>Zorro offers a platform designed to optimize the health benefits experience for employees, employers, and brokers. The platform provides solutions that facilitate easier planning, paying for, saving for, and thinking about healthcare insurance and services, making the process of managing employer-sponsored health benefits more transparent, cost-effective, and personalized. ​</div>

Managing employee health-related benefits

Health Benefits Platforms

Zorro Releases Full Suite of Platform Enhancements for Brokers

Zorro is an Israeli startup that analyzes employer goals regarding benefits in order to create a predictable budget and allowances for employees. They also offer a comprehensive insurance management solution that combines the benefits administration under one platform. Zorro operates in the healthcare and financial industries and its technology enables employers to offer personalized, cost-effective, and transparent employee health insurance plans.Zorro takes into account the employer’s or broker's budget, benefit goals, geographic span, growth plans, and information on employees related to medical needs, risk tolerance, and financial situation. Zorro uses carrier APIs to cross-reference this information with market data including medical plan prices, supplemental benefit options, and estimated price increases, providing a customized benefit bundle recommendation for each employee that optimizes every dollar for their individual circumstances. In <a href="https://sp-edge.com/updates/34971">October 2024,</a> Zorro released a set of platform updates to help brokers simplify the process of selling and managing Individual Coverage Health Reimbursement Arrangements (ICHRAs).&nbsp;

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>
 
 Zorro offers a platform designed to optimize the health benefits experience for employees, employers, and brokers. The platform provides solutions that facilitate easier planning, paying for, saving for, and thinking about healthcare insurance and services, making the process of managing employer-sponsored health benefits more transparent, cost-effective, and personalized. ​
 
 
 Key customers and partnerships
 
 
 Zorro's key customers likely include businesses seeking to improve their health insurance offerings for employees. Its platform is designed to benefit employees, employers, and brokers.
 
 
 Funding and financials
 
 
 In March 2023, Zorro raised USD 11.5 million in a Seed funding round co-led by Pitango and 10D. The funds were expected to support Zorro's mission of developing technology that makes offering employee health insurance plans more transparent, cost-effective, and personalized
 
 
 
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<div>
 
 CoreStream is a developer of an employee health benefits platform that offers payroll deductions for the voluntary benefits marketplace.
 
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CoreStream

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

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

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

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

PROMINENT_CATEGORY

<div>
 Zorro, a company known for its ICHRA administration platform, has recently launched a comprehensive range of platform enhancements aimed at brokers. These upgrades have been specifically developed to streamline the process of selling and administrating Individual Coverage Health Reimbursement Arrangements (ICHRAs).
 Some of the notable add-ons include a self-service quoting tool that offers real-time quotes and allocation models, simplified onboarding process via shared controls between brokers and Zorro, a transparent enrollment system offering complete access to employee data, and a new integrated payment system dubbed 'Zorro Pay.' Furthermore, the platform now boasts of payroll integration with a plethora of providers and enhanced compliance reporting and filings.
 According to Zorro, these newly integrated features will aid brokers in generating proposals ten times faster, effectively manage broker profiles, supervise employee enrollments more efficiently, completely eliminate any delays in carrier application submissions, reduce employer risks and efficiently manage compliance-associated tasks.
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Zorro

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