Benefitbay®, a platform designed to streamline the deployment of Individual Coverage Health Reimbursement Arrangements (ICHRA), has closed its Series A funding round, raising $18.0M. The investment, led by Ten Coves Capital, will support the company's mission to simplify ICHRA adoption for employers, brokers, and employees.
The company's SOC II Type II certified platform helps companies of all sizes easily model, deploy, and oversee ICHRA plans, which allow employers to provide tax-free dollars for employees to choose their own health coverage. This approach is seen by experts as a critical shift in the benefits industry, offering employees greater flexibility and portability.













