Elevate, a consumer benefits administration platform, has raised $28 million in a funding round led by Anthemis with participation from Fin Capital Norwest Venture Partners, Greycroft, Bowery Capital and Firebolt Ventures. This brings Elevate’s total raised to $43 million, which will be used to further product development, hiring and customer acquisition.
The company was founded by CEO Brian Cosgray – whose previous startup, DoubleNet Pay, was acquired by Purchasing Power in 2018. The idea behind the company was set to address the major pain points in the employee benefits space like the relatively long turnaround time for claims. In addition, Elevate also offers employees a range of pre-tax benefits including health savings accounts and flexible spending accounts, all of which can be managed via a user-friendly dashboard on web or mobile.
Elevate leverages AI technology to process claims, resulting in near instantaneous processing of them. With the new cash, Elevate will have more than three years of runway and has already formed partnerships in the six figure range.
The platform has also been significantly bolstered by the arrival of the pandemic as it is seen as a valuable tool for many companies dealing with the difficulties of adjusting to the new reality of remote and hybrid working. This is key, as Elevate’s platform is capable of being easily configured and scaled to meet partners’ needs.
Brian Cosgray is an experienced business leader who, prior to founding Elevate, had worked in private wealth management. Under his leadership, Elevate has gone from strength to strength and can now offer an agile and user-friendly modern experience for managing benefits.
