The employee benefits consulting industry in the US plays a crucial role in helping businesses design and manage employee benefit plans, from health insurance to retirement solutions. This sector includes a range of companies, from small boutique firms to large insurance brokers, each offering tailored services to meet the unique needs of clients. The industry is evolving, increasingly focusing on innovative technology solutions and enhancing employee experience. Trends such as remote work and health benefit personalization are driving change, and as employee engagement gains importance, companies are finding a competitive edge through strategic benefit offerings.


In the employee benefits consulting space, the investors listed here comprise a mix of corporate and venture capital firms, reflecting varied approaches to funding. Headquartered across the US, these investors range from small teams to large entities boasting over 10,000 employees. Founded between 1952 and 2023, they have collectively completed over 600 investments in 2024, signaling robust engagement in the sector. Here, you'll find a blend of established corporate players like Marsh McLennan Agency and venture capital firms such as Y Combinator significantly influencing the market.


Top 14 Employee Benefits Consulting Investors in the US


1. HUB International

  • Website: hubinternational.com
  • Type: Corporate
  • Headquarters: Chicago, Illinois, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 37
  • LinkedIn: hub-international

HUB International Limited is a prominent insurance brokerage based in Chicago, Illinois, founded in 1998. With over 10,000 employees, HUB provides a diverse array of insurance and risk management services tailored to businesses, organizations, and individuals. Their offerings include business insurance, employee benefits, retirement services, and personal insurance. Notably, HUB has made significant strides in the employee benefits consulting sector through strategic acquisitions, such as Employee Benefit Associates in April 2025 and The Benefits Company, Inc. in April 2018. These acquisitions not only enhance HUB's operational capabilities but also provide their clients with access to a wider range of resources and solutions in employee benefits and retirement planning. Other acquisitions, like Procorp Financial and Johnson & Wood Insurance Services, further demonstrate HUB's commitment to expanding its footprint in the insurance and benefits consulting market.


2. AssuredPartners

  • Website: assuredpartners.com
  • Type: Corporate
  • Headquarters: Orlando, Florida, United States (USA)
  • Founded year: 2011
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: assuredpartners

AssuredPartners is an insurance brokerage and risk management consulting firm founded in 2011 and based in Orlando, Florida. With over 10,000 employees, the company provides a comprehensive suite of services, including business insurance, employee benefits, and risk management solutions tailored to meet the diverse needs of both businesses and individual clients. Notably, AssuredPartners has actively expanded its footprint in the employee benefits consulting space through strategic acquisitions. For instance, in April 2018, they acquired The Elan Group, an employee benefits firm based in Tampa, Florida, which significantly enhanced their service offerings in this domain. Additionally, their acquisition of Keenan & Associates in 2017, which generated substantial revenue, further demonstrates their commitment to growing their capabilities in employee benefits. Other acquisitions, such as Duley-Bolwar & Associates and John J. Matsock & Associates, also contribute to their overall growth strategy, indicating a robust interest in enhancing their employee benefits consulting services.


3. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It provides funding and mentorship to early-stage technology companies through a structured program that helps entrepreneurs launch and grow their businesses. Y Combinator has successfully launched over 4,000 startups, establishing itself as a key player in the technology startup ecosystem. Among its notable investments, Y Combinator has backed companies like Gusto, which raised $140 million in a Series C round and $6.1 million in a Seed round, providing payroll and employee benefits solutions. Additionally, Y Combinator invested in InsureMyTeam, which raised $1.5 million in a Seed round, indicating its interest in companies that may enhance employee benefits offerings. Other investments include Savvy and DianaHR, which further demonstrate Y Combinator's engagement in the employee benefits consulting space.


4. Plug and Play Tech Center


Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They specialize in connecting startups with corporations to foster growth and innovation across various sectors, particularly in technology. With a robust portfolio of 253 investments in 2024 alone, they have demonstrated a commitment to supporting early-stage companies. Notably, they have invested in LevelFunded Health, which operates in the health benefits space, indicating their engagement with companies that could be relevant to employee benefits consulting. Other investments include Cobee and GoGood, which may also align with employee benefits themes, showcasing their diverse approach to fostering innovation in related fields.


5. 500 Global

  • Website: 500.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 98
  • LinkedIn: 500-startups

500 Global is a venture capital firm and startup accelerator based in San Francisco, California, founded in 2010. The firm specializes in investing in early-stage technology companies, providing funding, mentorship, and resources to help founders scale their businesses. In 2024, 500 Global has made 98 investments, showcasing its active role in the venture capital landscape. Among its notable transactions, 500 Global invested in Salary Hero, which raised $2,800,000 in a Seed Round on June 7, 2022. Salary Hero focuses on modernizing employee benefits solutions, making it a relevant player in the employee benefits consulting industry. This investment highlights 500 Global's interest in supporting innovative startups that address challenges in employee benefits, alongside its broader focus on technology-driven companies.


6. Deep Tech Fund (an Alumni Ventures Fund)

  • Website: av.vc
  • Type: Venture Capital
  • Headquarters: Manchester, New Hampshire, United States (USA)
  • Founded year: 2023
  • Headcount: 51-200
  • Number of deals in 2024: 258
  • LinkedIn: deep-tech-fund-av-focused-fund

Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios, leveraging a network of over 10,000 investors to connect them with high-quality investment opportunities in the startup ecosystem. The fund has been involved in several notable transactions, including a $200 million Series D investment in Human Interest, which specializes in retirement solutions and employee benefits. Additionally, they participated in the funding rounds for When Insurance and Beam, the latter of which is focused on expanding its offerings to employee benefits brokerages and innovative products for employers. These transactions highlight the fund's engagement in the employee benefits consulting industry.


7. NFP, an Aon company

  • Website: nfp.com
  • Type: Corporate
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 5001-10000
  • Number of deals in 2024: 14
  • LinkedIn: wearenfp

NFP, an Aon company, is a consulting firm based in New York, specializing in insurance brokerage and financial services. Founded in 1998, NFP offers a comprehensive range of products, including property and casualty insurance, employee benefits, and wealth management solutions. The firm serves both businesses and individuals, helping them manage risks and plan for their financial futures. In recent years, NFP has actively expanded its capabilities in the employee benefits consulting space through strategic acquisitions. For instance, in May 2022, NFP acquired Simon Shirley Advisors, a financial advisory firm in Dublin, to enhance its employee benefits and wealth management services. Additionally, NFP has made other acquisitions, such as Managed Care Consultants and IHI Group, which further strengthen its position in the employee benefits market. These transactions highlight NFP's commitment to growing its expertise and offerings in employee benefits consulting.


8. Gallagher Healthcare Ins Svc


Gallagher Healthcare Ins Svc, based in Huntersville, North Carolina, is a corporate investor specializing in medical malpractice insurance solutions for healthcare providers. Founded in 1952, the firm offers a range of insurance products tailored to the needs of physicians and medical facilities, ensuring comprehensive coverage against legal claims. In addition to its core focus on malpractice insurance, Gallagher Healthcare is part of Arthur J. Gallagher & Co., which has made several strategic acquisitions in the employee benefits consulting sector. Notable transactions include the acquisition of Acumen Advisors, Inc., an employee benefits consulting firm, in May 2024, and previous acquisitions of The BeneTex Group, Inc. and Hardman & Howell Benefits. These transactions highlight Gallagher's broader strategy to enhance its service offerings in employee benefits consulting, making it a relevant player in this industry.


9. Hilb Group

  • Website: hilbgroup.com
  • Type: Corporate
  • Headquarters: Richmond, Virginia, United States (USA)
  • Founded year: 2009
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: hilb-group

Hilb Group is a corporate investor based in Richmond, Virginia, founded in 2009. As an insurance agency and consulting firm, it provides a wide range of insurance products and HR consulting services tailored for both businesses and individuals. The firm has been actively expanding its portfolio in the employee benefits consulting sector through strategic acquisitions. Notable transactions include the acquisition of Andrews Benefits, an employee benefits agency, which enhances Hilb Group's offerings in the New England region, and the acquisition of Clark & Lavey Benefits Solutions, further solidifying its presence in the employee benefits market. Additionally, the acquisition of Millbrook Benefits and Insurance Services, which specializes in customized benefit solutions, underscores Hilb Group's commitment to providing comprehensive employee benefits services. These transactions reflect Hilb Group's strategic focus on enhancing its capabilities in employee benefits consulting.


10. Salesforce Ventures


Salesforce Ventures is a venture capital firm based in San Francisco, California, founded in 2009. The firm specializes in investing in innovative enterprise software companies, providing funding, strategic guidance, and access to a network of industry leaders to help startups grow from seed to IPO. Salesforce Ventures has a diverse investment portfolio that spans various sectors, including AI, digital health, and climate technology. Notably, they have invested in Gusto, which raised $6.1 million in a seed round in 2012 and offers payroll and benefits solutions for small businesses. Additionally, they participated in the funding of FutureFuel.io, a platform focused on student loan repayment, which raised $10 million in Series A1 funding. This platform aims to enhance employee benefits by providing financial wellness solutions to employers. These transactions highlight Salesforce Ventures' engagement in the employee benefits consulting space, supporting companies that enhance employee offerings.


11. World Insurance Associates LLC


World Insurance Associates LLC (WIA) is a corporate investor based in Woodbridge Township, New Jersey, founded in 2012. With a workforce of 1001-5000 employees, WIA operates as an insurance agency providing a comprehensive range of business and personal insurance products, alongside financial services. The company serves both businesses and individual consumers, focusing on risk management and asset protection through tailored insurance solutions. WIA has made significant strides in the employee benefits consulting sector, particularly through its acquisition of Sapoznik Insurance, South Florida’s largest employee benefits agency, aimed at enhancing its offerings and expanding product range nationally. Additionally, the acquisition of Pensionmark Financial Group, a retirement and financial planning RIA, further strengthens WIA's position in the employee benefits market. These strategic acquisitions reflect WIA's commitment to growing its capabilities in employee benefits consulting, making it a notable player in the industry.


12. Gaingels

  • Website: gaingels.com
  • Type: Venture Capital
  • Headquarters: Burlington, Vermont, United States (USA)
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 60
  • LinkedIn: gaingels

Gaingels is a venture capital firm founded in 2015, based in Burlington, Vermont, dedicated to investing in companies with diverse leadership. The firm provides capital and support to startups, particularly those led by underrepresented groups, to foster diversity and inclusion in the innovation economy. Gaingels not only invests in a wide range of sectors but has also been involved in significant transactions within the employee benefits consulting context. For instance, they participated in the Series C funding round for Bambee, a Human Resources company that aims to enhance HR services and employee benefits solutions. Additionally, their investment in Collective Health, which focuses on health benefits management, further underscores their relevance in the employee benefits space. With a total of 60 investments in 2024, Gaingels continues to play a vital role in supporting innovative companies that contribute to the evolution of employee benefits and HR practices.


13. General Catalyst


General Catalyst is a venture capital firm founded in 2000, based in San Francisco, California. The firm specializes in early-stage and growth investments, providing capital and strategic guidance to startups and growth-stage companies across various industries, including technology and healthcare. Notably, General Catalyst has been a key investor in Gusto, a prominent provider of a platform that helps small businesses manage payroll, benefits, and other HR functions. Gusto has raised substantial funding through multiple rounds, including a Series E round of $175 million in August 2021, a Series D round of $200 million in July 2019, and earlier rounds totaling $140 million and $50 million in 2018 and 2015, respectively. These transactions highlight General Catalyst's active role in the employee benefits consulting space, particularly through its support of Gusto, which is directly involved in managing employee benefits for businesses.


14. Liquid 2 Ventures

  • Website: liquid2.vc
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 91
  • LinkedIn: liquid-2-ventures

Liquid 2 Ventures is a venture capital firm based in San Francisco, California, founded in 2015. The firm specializes in investing in technology startups at the pre-seed and seed stages, as well as growth-stage companies. They provide capital, mentorship, and access to a vast network of industry insiders to help founders navigate their entrepreneurial journeys. Notably, Liquid 2 Ventures has invested in several companies relevant to the employee benefits consulting industry, including Benefitbay, which raised $3,000,000 in a Seed Round in May 2021, and Human Interest, which raised an undisclosed amount in a Series A round in June 2017. These investments highlight their engagement in the employee benefits sector, supporting innovative solutions that enhance employee benefits consulting services.



Employee Benefits Consulting Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
HUB InternationalChicago, Illinois, United States (USA)10001+199837
AssuredPartnersOrlando, Florida, United States (USA)10001+20117
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
Plug and Play Tech CenterSunnyvale, California, United States (USA)501-10002006253
500 GlobalSan Francisco, California, United States (USA)201-500201098
Deep Tech Fund (an Alumni Ventures Fund)Manchester, New Hampshire, United States (USA)51-2002023258
NFP, an Aon companyNew York, New York, United States (USA)5001-10000199814
Gallagher Healthcare Ins SvcHuntersville, North Carolina, United States (USA)1-1019529
Hilb GroupRichmond, Virginia, United States (USA)1001-500020094
Salesforce VenturesSan Francisco, California, United States (USA)11-50200958
World Insurance Associates LLCWoodbridge Township, New Jersey, United States (USA)1001-5000201211
GaingelsBurlington, Vermont, United States (USA)11-50201560
General CatalystSan Francisco, California, United States (USA)51-2002000144
Liquid 2 VenturesSan Francisco, California, United States (USA)1-10201591


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