Captain401, now Human Curiosity, raises $11M to open construct a 401(ok) for small companies

Fundings and Exits

Pushing by way of a funding spherical isn’t a simple course of — and for Captain401 co-founder Roger Lee, it was much more tough this time round.

That’s as a result of Lee and his workforce raised $11 million proper across the delivery of his first child. That gave Lee a good deeper appreciation and understanding for the necessity of sturdy worker advantages, which was a part of the unique purpose of Captain401 — giving small companies entry to a 401(ok). That purpose can be the rationale that, with the brand new fundraising, Captain401 is altering its title to Human Curiosity. The startup’s newest funding spherical was led by Wing VC, a agency based by companions from Sequoia and Accel, in addition to former Wealthfront CEO Adam Nash.

“We actually needed a reputation that captured the imaginative and prescient behind our firm and what we actually hoped to perform within the place we noticed on this planet,” Lee stated. “We noticed a necessity from folks throughout the nation to have an advocate that actually had their finest pursuits at coronary heart. You look throughout the panorama of conventional monetary establishments right now, however you have a look at large banks and wall avenue, clients have began to lose belief within the conventional establishments. We’re very mission pushed as a result of we’re making an attempt to assist folks obtain a safe monetary future — and worker advantages, for each mission values and the enterprise we’re in we expect it’s actually necessary to deal with our staff properly and supply them sturdy advantages as a result of we’re an worker advantages firm.”

Human Curiosity — as its former title Captain401 implied — focuses on creating a simple system for small companies to start providing a 401(ok) to staff. It’s geared towards corporations making an attempt to get it up-and-running for the primary time, as when corporations begin to mature advantages like that rapidly turn into desk stakes, lest they lose these staff to opponents with extra strong advantages. It’s additionally necessary to get these plans up and operating early, as staff probably wish to start securing their funds early on.

The main target is on each ends of the worker spectrum, seeking to give employers a approach to rapidly deploy it and in addition make the expertise rather less painful for workers. Even in case you’re at an enormous firm that gives a 401(ok), it’s may be buried behind a variety of totally different web sites and logins. Human Curiosity seems to make it straightforward to test an worker’s stability, in addition to assist them determine one of the best plans and investments given no matter scenario they’re in. Ease of use is the large goal, Lee stated.

“The overwhelming majority of our clients are getting a 401(ok) for the primary time,” Lee stated. “Our very first few clients have been tech startups within the bay space, and that made plenty of sense for us to start out. However we at all times believed the issue we have been tackling was a lot greater than bay space startups. Typically I believe the optimistic shock has been seeing curiosity past tech sooner than anticipated. That was at all times our hope and perception nevertheless it was encouraging when it did begin taking place, it occurred earlier than we anticipated.”

Whereas Human Curiosity is solely centered on the 401(ok), which is popping up in some sudden areas like hospitality, there appear to be loads of alternatives to increase to new merchandise as they begin to lock in small companies as clients. Lee stated the startup’s purpose is to assist them safe a monetary future, through which the 401(ok) is an enormous a part of that — however there are clearly different methods to do this as properly.

Human Curiosity will, after all, have some opponents because it continues to increase — particularly if it desires to develop past the 401(ok). There are startups like Cash Intel, and whereas an enormous array of small companies won’t be particularly low-hanging fruit for main monetary establishments, there appears to be loads of alternative for a product to hit that candy spot. However with some expertise getting it up and operating throughout the nation, in addition to a deal with ease of use, Lee hopes they’ll be capable of outmaneuver these potential challenges.

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