Stride Health, a company that provides benefits for independent workers, has raised $23.5 million in a Series B financing round led by F-Prime Capital Partners, with participation from existing investors Venrock and New Enterprise Associates -- as well as new investors, including Portag3 Ventures.
The additional capital will fuel the expansion of Stride Health’s benefits offerings, with an eye toward providing independent workers with additional support.
Launched in 2014, Stride Health’s M.O. is to give those independent workers the type of benefits security and peace of mind that is typically the province of those with traditional, full-time jobs. In addition to serving anyone self-employed -- from real estate agents to artisans, plumbers and truck drivers -- Stride partners with marketplaces and on-demand services including Care.com, DoorDash, Etsy, Instacart, Postmates, TaskRabbit and Uber, to support workforces with easy access to benefits.
Those benefits include health, vision and dental, along with tax deduction support.
“As individuals transition away from traditional 9-to-5 employment, we’re removing the barriers to affordable, accessible benefits to allow individuals to work how and when they want, without worrying about basic financial security,” said Noah Lang, co-founder and CEO of Stride Health, in a statement. “We founded Stride so that self-employed Americans don’t have to go it alone. We have already provided hundreds of thousands of independent workers with the benefits guidance they need to build a business-of-one. I’m excited to partner with F-Prime which brings a rich history in health and financial services to deliver Stride’s ever-expanding benefits to more of America’s 68 million independent workers.”
According to the McKinsey Global Institute, independent workers constitute up to 30 percent of the working age population. Stride Health’s mission is to build a personal set of benefits tailored to their needs. In addition to a personalized health plan, the company helps workers predict out-of-pocket healthcare costs, lower the cost of prescription drugs and navigate complex insurance claims.
And its members also benefit from tax support through Stride Drive which, last tax season, identified more than $800 million in expense deductions for its members, enabling them to keep 21 percent more of their earnings. Members also rely on access to free experts to answer any questions pertaining to benefits.
“For the growing population of independent workers, Stride Health is meeting a critical need -- providing simple and affordable access to healthcare and financial resources that improves their lives,” said Ben Malka, partner with F-Prime Capital, in a statement.
“As the global workforce continues to prioritize flexibility, Stride Health provides the needed tools to transition these workers to not only secure their physical well-being but improve their financial literacy and wellness,” said Malka, who joins Venrock’s Bryan Roberts on Stride Health’s board of directors. “We believe that Stride will help people choose to be independent.”