Enterprise benefits engagement solution Evive has closed a $43m minority interest investment from Susquehanna Growth Equity.
This funding round marks the company’s first outside investment.
Chicago-based Evive is an employee benefits solution that uses analytics and behavioural economics to improve awareness, make better decision making. The SaaS-based company helps employees to get more from their health, wealth and work/life benefits.
The company’s solutions brings all benefits into a single location, and providers real-time reminders for opportunities to personal health, savings and well-being.
Capital from the funding round will be used to expand the company’s operations across the entire benefits ecosystem, to include more financial and work/ life. Capital will also be used by the company to accelerate its product innovation, expand the team and make channel investments.
SGE managing director Scott Feldman said, “The benefits navigation space, particularly as it applies to a total-rewards approach to benefits for large employers, is expanding rapidly. It’s clear from talking to Evive’s blue-chip roster of clients and HR thought leaders that the company is leading the way forward.”
Last year, Susquehanna Growth Equity made a $50m investment in to integrated receivables software HighRadius Corporation. The US-based machine learning and AI platform helps to take care of accounts receivable processes.
The average deal size of a WealthTech investment in North America last year, was $11.1m, which was smaller $9m smaller than the average deal in Asia.
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