Human Interest, which helps small businesses set up 401k accounts for their employees, has raised $11m through a Series A funding round.
The round, which was led by Wing Venture Capital, comes at the same time the company rebranded from Captain401, according to an announcement by the company. Existing investors Y Combinator, Uncork Capital, SV Angel, CrunchFund, Slow Ventures, Susa Ventures, FundersClub, and several individual investors also participated in the round. Adam Nash, former CEO of Wealthfront, also joined the round.
Human Interest previously raised $3.5m, raising capital from the venture capital firms , along with Hall of Fame quarterback Joe Montana, Gmail developer Paul Buchheit, Twitch co-founders Justin Kan and Michael Siebel, Scribd co-founder Jared Friedman, Nerdwallet co-founder Jacob Gibson and former Stripe CTO Greg Brockman.
Based in San Francisco, Human Interest provides software to help small businesses automate the 401k process. The startup’s solution converts all paperwork to digital documents, automates compliance work, helps with government filings, and is able to synch with existing HR and payroll software. It also provides investment advice to help employees choose which mutual fund to invest in to generate interest from their savings.
Co-founder & CEO Roger Lee said in a blog post: “When we started Captain401 back in 2015, our aim was simple: to provide small businesses and startups with affordable, accessible, 401(k)s.
“Nearly every option for obtaining a company-sponsored retirement plan was either prohibitively expensive, unnecessarily confusing, or just too time consuming to set up and administer (sometimes all three!). As a result, many companies thought that offering a benefit like this to their employees was simply out of reach no matter how much they wanted to. So, we set out to alleviate those and countless other pain points for the nearly 30 million small businesses across the United States.â€
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