TLDR:
- Zoë Foundry secured a $5 million investment on July 9 to accelerate ventures in the employee benefits sector.
- The funding, led by Principal Financial Group and Reinsurance Group of America, aims to boost startups in SaaS, B2B, and AI benefits.
Zoë Foundry, a venture studio in Redwood City, Calif., received a $5 million investment from Principal Financial Group and Reinsurance Group of America on July 9. This funding is set to accelerate Zoë Foundry’s mission to transform the employee benefits sector by focusing on startups in SaaS, B2B, and AI technologies. As the first venture studio dedicated to the employee benefits ecosystem, Zoë Foundry has a data-driven approach to develop and launch startups within the insurtech field. The partnership with Principal and RGA will allow Zoë Foundry to expand its operations and invest in its emerging portfolio companies, with plans to launch three startups annually.
Zoë Foundry highlighted two examples from its existing portfolio, SlainTech and Bentection, which demonstrate the studio’s impact. SlainTech focuses on automating small group health portfolios, while Bentection develops tools for enhancing executive benefits sales. Both companies have shown growth in customer base and revenue generation. Principal’s senior vice president of workplace benefits, Kara Hoogensen, praised the initiative for aligning with the company’s strategic goals, while RGA’s senior vice president, Dean Abbott, emphasized the collaboration’s potential to advance the insurtech sector. The leadership team at Zoë Foundry, led by CEO Garrett Viggers, COO/CIO Jason T. Andrew, and CTO Jonathan Mulieri, brings extensive expertise in the employee benefits industry.
