Evive, a US-based developer of a platform that helps employees manage their company benefits, raised $43m in funding yesterday from trading and technology firm Susquehanna International Group (SIG).
SIG invested through its growth-stage investment arm Susquehanna Growth Equity. The transaction marked the first time that Evive raised external funding since it was founded ten years ago.
Evive has developed an enterprise benefits engagement platform to help employees understand complex company benefits, such as healthcare plans. The platform pushes notifications to employees to take action and allows employers to track engagement across the workforce.
The funding will enable Evive to expand into other areas of company benefits, such as financial and work-life benefits offered by large businesses. The money will specifically go towards product development, recruitment and marketing.
Scott Feldman, Managing Director of Susquehanna Growth Equity, said: “The benefits navigation space, particularly as it applies to a total-rewards approach to benefits for large employers, is expanding rapidly.
“It is clear from talking to Evive’s blue-chip roster of clients and human resources thought leaders that the company is leading the way forward.”