Financial wellness startup Benny closes $1m pre-seed round to help employees build wealth with their benefits
Benny, the platform helping consumers build wealth with their benefits, announced its graduation from Techstars Boulder and the closing of a $1 million pre-seed funding round, led by Matchstick Ventures.
Andy Kalmon started Benny because he was one of millions of people who couldn't afford to participate in his Employee Stock Purchase Plan (ESPP). Because of this, he was leaving almost $2K on the table each year. This was money he couldn't afford to access, and no one was offering a solution. He was missing out on one of the largest wealth building benefits available to him.
Andy Kalmon, CEO and Founder, Benny: "It was a grind, but eventually, I was fortunate to get just enough breathing room in my financial life to be able to start taking advantage of my ESPP… I wish I could have done it years before but there wasn't a company looking out for me and my best interests, that's why Benny was created. I believe there is a massive opportunity in the employee benefits space, specifically wealth-building benefits, like employee stock purchase plans. I'm not just talking about education, but actual financial products that are built for the people who are experiencing this pain. That's what we're building at Benny."
Benny's early customer reception is impressive, attracting customers from Microsoft, Salesforce, Alaska Airlines, T-Mobile and more.
Ryan Broshar, Partner, Matchstick Ventures: "Employers right now are looking for new ways to attract and retain talent, that's no secret. What we like about Benny is that it takes existing benefits and ramps up participation by removing the financial barriers to make them more inclusive. Couple that with increasing pressure on employees' paychecks and you can't help but get excited by a product that truly helps employees earn more and increase engagement for employers. A solid win-win."
Natty Zola & Ryan Broshar at Matchstick Ventures believe in Benny's mission and the market opportunity, investing $1 million into Benny's pre-seed round. The $1 million pre-seed round will be used to accelerate Benny's customer acquisition, product development and recruiting efforts.