The startup that creates a frictionless 401(k) process for small businesses has seen revenue grow by 10x and its customer base expand.
medium-sized businesses.Jeff Schneble knows that most people don’t hear the term 401 and get excited — but he does. For the CEO of Human Interest, it’s about the opportunity to give more people access to a retirement savings and investing plan. His startup builds retirement plans catered to small and medium-sized businesses left behind by outsized and complicated traditional plans, leaving their employees without the tax advantage that comes with investing directly from their paychecks.
Many of the small businesses that don’t offer a 401 plan aren't doing so because they don’t want to, Schneble says. It’s because the process is too laborious and lengthy. That’s exactly the experience of Human Interest’s founder, Roger Lee. Years earlier, Lee’s prior company, adtech startup Thunder, was growing quickly. He looked into adding the benefit before realizing how difficult the process was.
The San Francisco-based startup raised a $200 million Series D round at a $1 billion valuation six months after its $105 million Series C in January. This round was led by TPG’s The Rise Fund and included SoftBank, NewView Capital, Wing VC, Crosslink Capital and Slow Ventures, among others. Schneble says the startup hadn’t originally planned on raising another round of funding so soon but it had already exceeded the revenue they wanted to have to take on more capital.
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