Benepass raises $40m Series B to tackle rising healthcare costs

January 21, 2026

Benepass, a global benefits capital management platform, has secured fresh growth capital as it looks to help employers redesign benefits strategies amid escalating healthcare costs.

The company announced it has raised $40m in Series B funding. The round was led by Centana Growth Partners, with participation from FoW Partners and existing investors Portage Ventures and Threshold Ventures.

The capital will be used to support Benepass’ expansion into larger and more complex employers, while broadening its pre- and post-tax benefits offerings to support more specialised and cost-sensitive programmes.

With the new funding, Benepass plans to enhance its platform to give employers greater control over healthcare spending while expanding employee choice. A key focus will be continued investment in its Health Savings Account offering, enabling employers to shape their investment philosophy. Integrated enrolment and a $125 minimum investment threshold are designed to make participation easier for employees.

The company will also expand its Specialty Health Reimbursement Accounts, starting with programmes designed to support GLP-1 medications. These accounts allow employers to define eligible medications, restrict merchants and tailor access to complementary interventions such as nutrition counselling, fitness programmes and behavioural therapy. The aim is to support weight management initiatives without increasing premiums, claims or deductibles for the wider workforce.

In parallel, Benepass will enhance employee outreach around eligible benefits, including items that may qualify under Health Savings Accounts and Flexible Spending Accounts. Greater participation in pre-tax accounts can lower employees’ taxable income and out-of-pocket costs, while employers benefit from reduced payroll taxes.

Centana Growth Partners partner Matthew Alfieri said, “Benepass has demonstrated strong momentum across customer adoption, and platform usage.

“What stood out in diligence was the consistency of customer praise across flexibility, its user experience, and a highly collaborative support model, which reinforced our conviction that Benepass is well-positioned helping employers manage benefit dollars with greater precision and flexibility.”

Benepass CEO Jaclyn Chen said, “As benefits have multiplied, their value to employees have become fragmented.

“By consolidating benefits on a single platform and expanding employee choice, employers can turn benefits into something people actually understand, use, and value. This funding allows us to keep scaling that foundation.”