Ten Coves Capital Leads Benefitbay’s $18 Million Series A

Gunderson Dettmer represented Ten Coves Capital as the lead investor in the $18 million Series A financing of benefitbay, a leading Individual Coverage Health Reimbursement Arrangement (ICHRA) partner serving the nation’s top brokerages, employers, and their employees.

The investment will fund the next phase of benefitbay’s growth, including continued build-out of its payments infrastructure, expansion of direct carrier and payroll integrations, and enhancements to its broker enablement tools.

“We’ve seen firsthand that when employees are given control over their healthcare dollars, supported by the right technology and infrastructure, the model is durable and the category compounds,” said Dan Kittredge, Managing Partner of Ten Coves Capital, in the announcement of the transaction. “ICHRA represents the next chapter of that story, and benefitbay has built the infrastructure to lead it.”

The Gunderson deal team was led by Zach Crowe and included Brad Spinner