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Companies

Benefitbay

Software for employer-funded individual health plans

Raised to date

$9.7M

of $9.7M offered across 1 Form D filing

Investors
9
Last filed
Mar 25, 2026

About

benefitbay is a Kansas City, Missouri software company that provides end-to-end administration for Individual Coverage Health Reimbursement Arrangements (ICHRAs), the defined-contribution alternative to group health insurance. Employers use the platform to group employees into classes, set budgets and allocate tax-advantaged contributions, while employees shop for individual health plans through a guided enrollment experience. The product handles plan comparison, enrollment, compliance, payroll integration, payments and carrier connectivity. Founded in 2021, it distributes primarily through insurance brokerages and supports more than 40,000 covered lives nationally.

A broker-first go-to-market: rather than selling ICHRA administration direct to employers, benefitbay equips brokerages with modeling and sales tools, and pairs that with direct banking and carrier integrations so contributions and enrollments move without manual reconciliation.

Funding

  • EquityFiled Mar 25, 2026Form D/A
    $9.7M/ $9.7M

Product

benefitbay ICHRA platform

Benefits administration software

An end-to-end ICHRA administration platform covering employer modeling and budgeting, employee plan shopping and enrollment, compliance, payroll integration and payments.

  • Employee class modeling with budget and contribution allocation
  • Separate employer and employee portals
  • Guided individual-plan shopping and enrollment

Built for

Insurance brokerages and the small-to-midsize employers they serve, plus those employers' employees

People on file