Brightside, the US-based creator of a financial care plan for employers, has received $35.1m in series A funding from investors including mass media group Comcast’s corporate venturing unit, Comcast Ventures.
Venture capital firm Andreessen Horowitz led the round, which also featured its a16z Cultural Leadership Fund along with fellow VC firm Trinity Ventures.
Founded in 2017, Brightside is the creator of a cloud-based platform where employees can access advice and services to make their salaries go further. It claims the service helps families save $1,200 each on average.
Tom Spann, Brightside’s co-founder and chief executive, said: “We have proven that a holistic approach, combined with financial products built for this population, can have a significant effect on people’s lives and on the employer’s bottom line.
“This funding will help us bring Brightside to more families as more employers see real financial health as a crucial part of their health benefit package. Investing in employee financial health has a much greater benefit for the health and well-being of families than simply providing stop-gap financial relief.”
The company publicly launched in mid-2018 with $4m in seed funding from Comcast Ventures and Trinity Ventures. It raised another $125,000 after joining Center for Financial Services Innovation’s Financial Solutions Lab accelerator in January 2019.
