Cocoon has launched the first full-suite software solution that removes complex leave processes, alongside the close of its Series A funding round.
The investment round, which closed on $20m, was led by Index Ventures. Other participants include First Round Capital, SemperVirens, XYZ Venture Capital, Magnify Ventures, Springbank Collective and several angel investors.
As part of the deal, Index Ventures partner Mark Goldberg, who co-led Cocoon’s $5.5m seed round, has joined Cocoon’s board of directors.
This capital injection will help Cocoon hire more staff and build new products.
Cocoon’s new product is designed to help companies streamline their employee leave, whether it is parental, medical, caregiver, bereavement or any other type, for companies across the whole of the US. The technology can handle compliance, claims management and payroll calculations, as well as factor in state, federal, company and insurance benefits.
Through this, it hopes employers can better help their staff and remove stress when time off is needed.
Goldberg said, “Companies are fighting harder than ever to level the playing field for workers. Parental leave is the tip of the spear in this movement, but it’s still shockingly hard to administer any type of employee leave given the web of paperwork HR departments and employees need to fill out to stay compliant with local and federal laws.
“With two young kids, I’ve felt this pain point personally. Cocoon has built a totally seamless experience for companies and employees that makes it absolutely painless. This is one of the biggest opportunities within the future of work, and the speed at which Cocoon is getting pulled into companies big and small makes it one of the fastest growing companies in our portfolio.”
Copyright © 2021 FinTech Global