San Francisco-based company Forma, formerly known as Twic, announced Tuesday that it raised $40 million in fresh financing. The Series B round was led by Ribbit Capital, with participation from Emergence Capital and Stripe, among others.
Founded in 2017, Forma’s tech offers enterprises the chance to build out their benefits programs from the ground up. The company’s platform is scaled across several categories including family, wellness, education, work performance and more. All told, more than 250 benefits products are available via Forma’s vendor network. The platform itself takes care of the contracting, payments, sign-up and fulfillment work.
“With today’s evolving workforce, employee benefits must flex to fit employee’s lives, not the other way around,” Jason Fan, co-founder and CEO of Forma, said in a statement. “In this next stage of our business, we look forward to continuing to address a market need for more flexibility and choice by providing better benefits options for today’s leading companies.”
Forma’s data capabilities can also provide companies with real-time insight into employee engagement, usage and satisfaction rates. Moreover, the company’s reimbursement function offers employees a way to hold providers accountable for any additional benefits they end up purchasing.
Forma manages benefits budgets for more than 125 companies, including tech giants like Zoom, Twitch and Stripe.
The latest raise will be used to support the benefits platform as it continues to scale. A special financial focus will be placed on product development, and of course, hiring. Forma is currently on the lookout for 22 fresh faces to join its team. Available roles span the company’s design, sales and engineering teams, to name a few. All of those up for grabs are available for remote work.
Forma has raised $57.6 million in venture capital financing to date, according to Crunchbase.
