The employee benefits industry in the U.S. focuses on providing compensation packages beyond just salaries, covering health insurance, retirement plans, and wellness programs. Companies operate as insurance brokers, consulting firms, or through tech platforms that streamline benefits administration. It’s a dynamic sector experiencing digital transformation, with many firms leaning towards technology solutions to enhance employee support. Trends show a growing emphasis on employee wellness and adaptive benefits approaches tailored to individual needs. The incorporation of health tech, HR management solutions, and personalized benefits is reshaping how organizations attract and retain talent in this competitive market.


The investors featured in this list include corporate giants and venture capital firms, based in cities like Chicago, New York, and San Francisco. They range in size from startups with a handful of employees to large corporations with thousands. Founded between 1952 and 2023, these investors participated in a wide array of deals, with numerous investments in 2024, showcasing their active role within the employee benefits sector. Each brings unique expertise and funding strategies to capitalize on evolving employee needs and technological advancements in benefits solutions.


Top 16 Employee Benefits 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. The firm provides a comprehensive range of insurance and risk management services to businesses, organizations, and individuals. Their offerings include business insurance, employee benefits, retirement services, and personal insurance. In recent years, HUB International has significantly expanded its presence in the employee benefits sector through strategic acquisitions. Notable transactions include the acquisition of Combined HCM in June 2024, which enhances their employee benefits capabilities, and the acquisition of Employee Benefit Associates in April 2025. Additionally, they acquired MPE Employee Benefit Services in January 2021, further solidifying their commitment to this area. These acquisitions demonstrate HUB International's strategic focus on enhancing their employee benefits services, making them a relevant player in this industry.


2. 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, making it a key player in the technology startup ecosystem. Among its notable investments are Gusto, which raised $140 million in a Series C round in 2018 and $6.1 million in a Seed round in 2012, both of which are significant players in the employee benefits and HR technology space. Additionally, Y Combinator participated in the Series D funding round for Rippling, a company valued at $11.25 billion, which also focuses on HR software and employee benefits management. These transactions highlight Y Combinator's involvement in the employee benefits sector, alongside its broader investment strategy.


3. 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, headquartered 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 needs of both businesses and individual clients across various industries. AssuredPartners has been actively expanding its footprint in the employee benefits sector through strategic acquisitions. Notable transactions include the acquisition of Pierce Group Benefits in December 2021, which reported annualized revenues of $19 million, and The Elan Group in April 2018, an employee benefits firm with $6 million in annualized revenue. These acquisitions reflect AssuredPartners' commitment to enhancing its employee benefits offerings and solidifying its position in the market.


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 connect startups with corporations to foster growth and innovation, offering various programs including accelerator initiatives and investment opportunities. With a focus on the technology sector, they have facilitated numerous partnerships and provided resources to enhance business development. Notably, they have invested in companies like Payactiv, which raised funds in both Series A and Venture rounds, focusing on employee financial wellness. Additionally, they have supported other startups like Cobee and GajiGesa, which also contribute to employee benefits through innovative solutions. Their diverse portfolio and active engagement in the employee benefits space make them a significant player in this industry.


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 their active role in the startup ecosystem. Notably, they have invested in companies like ZenHR, which focuses on HR solutions that can enhance employee benefits management, and Salary Hero, which raised $2.8 million to develop its platform aimed at improving employee compensation and benefits. These transactions highlight 500 Global's involvement in the employee benefits sector, alongside their broader focus on innovative startups globally.


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

The Deep Tech Fund, part of Alumni Ventures, 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. With a robust network of over 10,000 investors, the firm connects them with high-quality investment opportunities in the startup ecosystem. Notably, the fund has been involved in significant transactions within the employee benefits space, including a $12 million Series A investment in Benepass, which offers flexible benefits solutions, and a $40 million venture round for Beam, a company focused on dental insurance and employee benefits. Additionally, they participated in Beam Dental's $80 million Series E funding, aimed at expanding their offerings to new markets and enhancing their employee benefits products. These transactions highlight the fund's commitment to investing in companies that improve employee benefits.


7. Gallagher Healthcare Ins Svc


Gallagher Healthcare Ins Svc is an insurance broker based in Huntersville, North Carolina, 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 their core focus on malpractice insurance, Gallagher Healthcare is part of Arthur J. Gallagher & Co., which has made significant acquisitions in the employee benefits sector. Notable transactions include the acquisition of Acumen Advisors, Inc., an employee benefits consulting firm, and The BeneTex Group, Inc., an employee benefit broker. These strategic moves highlight Gallagher's commitment to enhancing their service offerings in employee benefits, alongside their primary focus on healthcare insurance.


8. 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 offers a wide range of insurance products and HR consulting services tailored for both businesses and individuals. The firm has made significant strides in the employee benefits sector through strategic acquisitions, including Andrews Benefits, an agency that enhances their offerings in the New England region, and Endeavor Insurance Services, which specializes in group health and employee benefits. These transactions reflect Hilb Group's commitment to expanding its employee benefits capabilities and providing comprehensive solutions to manage risks and ensure compliance with regulations.


9. World Insurance Associates LLC


World Insurance Associates LLC is a corporate investor based in Woodbridge Township, New Jersey, founded in 2012. The company operates as an insurance agency, providing a comprehensive range of business and personal insurance products, alongside financial services. With a workforce of 1001-5000 employees, World Insurance Associates has made significant strides in the employee benefits sector through strategic acquisitions. Notably, they acquired Sapoznik Insurance, the largest employee benefits agency in South Florida, aiming to enhance their employee benefits offerings and expand the product range nationally. Additionally, their acquisition of Pensionmark Financial Group, which manages over $80 billion in assets, underscores their commitment to bolstering their retirement and financial planning services, further solidifying their position in the employee benefits market. Other acquisitions, such as Stern Insurance Group and The Comprehensive Companies, also contribute to their diverse portfolio, enhancing their capabilities in various insurance sectors.


10. 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 employee benefits offerings through strategic acquisitions. For instance, in May 2022, NFP acquired Simon Shirley Advisors Limited, a financial advisory firm in Dublin, to enhance its employee benefits and wealth management services in Ireland. Additionally, in June 2023, NFP acquired Hafetz & Associates, LLC, a provider of group benefits and health products, further strengthening its health benefits offerings in the Northeast. These transactions highlight NFP's commitment to enhancing its employee benefits services, making it a significant player in the industry.


11. 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 has been involved in several notable transactions relevant to the employee benefits industry, including their investment in Bambee, a Human Resources company that raised $30 million in Series C funding to develop payroll and HR solutions. They also invested in Remote, which raised $300 million in Series C funding to streamline global employment processes. These investments highlight Gaingels' focus on enhancing workplace environments and employee benefits through innovative solutions.


12. 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 made significant investments in companies relevant to employee benefits, such as Lively, which raised $27 million in Series B funding in 2019 and focuses on health savings accounts, and Rippling, which raised $45 million in Series A funding in 2019 and offers a platform for managing employee benefits and HR tasks. Their focus on supporting exceptional founders to build lasting companies extends to those in the employee benefits sector, highlighting their relevance in this space.


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 multiple rounds of funding with General Catalyst's participation, including a Series E round of $175 million in August 2021, a Series D round of $200 million in July 2019, and earlier rounds in 2018 and 2015. These transactions highlight General Catalyst's commitment to supporting companies that enhance employee benefits and payroll management, making them a relevant player in the employee benefits investment space.


14. SV Angel

  • Website: svangel.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2009
  • Headcount: 1-10
  • Number of deals in 2024: 44
  • LinkedIn: sv-angel

SV Angel is a venture capital firm based in San Francisco, California, founded in 2009. The firm specializes in investing in early-stage and growth-stage technology companies, providing not only financial backing but also strategic advice and access to a vast network of industry experts. Among their notable investments are several companies in the employee benefits space, including Gusto, which offers payroll and benefits solutions; Rippling, which provides an all-in-one HR platform; Lively, a health savings account provider; and Human Interest, which focuses on retirement plans for small businesses. These transactions highlight SV Angel's commitment to fostering innovation in the employee benefits sector while supporting a diverse range of technology startups.


15. FJ Labs

  • Website: fjlabs.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 169
  • LinkedIn: fj-labs

FJ Labs is a venture capital firm based in New York, specializing in investing in marketplace and network effect businesses. Founded in 2015, the firm has made over 1,000 investments, with a focus on startups across various industries, including e-commerce and logistics. Among their notable transactions in the employee benefits sector, FJ Labs participated in the seed funding round for Bennie, a New York-based employee benefits platform that raised $33 million to enhance access to better benefits for companies and their employees. Additionally, they were involved in the Series B funding for Caju Benefícios, which received $25 million to expand its technology and product offerings aimed at large companies. These investments highlight FJ Labs' commitment to supporting innovative solutions in the employee benefits landscape.


16. Tiger Global

  • Website: tigerglobal.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 25
  • LinkedIn: tiger-global-management

Tiger Global Management, LLC is a prominent investment firm based in New York, specializing in both public and private equity investments. Founded in 2001, the firm manages approximately $50 billion and focuses on innovative companies leveraging technology. Its clientele includes institutional investors and high-net-worth individuals seeking expert investment management and advisory services. In the employee benefits context, Tiger Global has made significant investments in companies such as Papaya Global, which raised $250 million in a Series D round to enhance global payroll solutions. They also led an $80 million Series B investment in Factorial, a Barcelona-based HR software company aimed at improving HR processes. Furthermore, their participation in Flash Benefícios, a Brazilian HR benefits company, highlights their commitment to the employee benefits sector, as the company received over $100 million in funding to expand its offerings. Additionally, their investment in Plum, which aims to insure millions of lives, showcases their interest in companies that enhance employee benefits and insurance solutions.



Employee Benefits Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
HUB InternationalChicago, Illinois, United States (USA)10001+199837
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
AssuredPartnersOrlando, Florida, United States (USA)10001+20117
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
Gallagher Healthcare Ins SvcHuntersville, North Carolina, United States (USA)1-1019529
Hilb GroupRichmond, Virginia, United States (USA)1001-500020094
World Insurance Associates LLCWoodbridge Township, New Jersey, United States (USA)1001-5000201211
NFP, an Aon companyNew York, New York, United States (USA)5001-10000199814
GaingelsBurlington, Vermont, United States (USA)11-50201560
Liquid 2 VenturesSan Francisco, California, United States (USA)1-10201591
General CatalystSan Francisco, California, United States (USA)51-2002000144
SV AngelSan Francisco, California, United States (USA)1-10200944
FJ LabsNew York, New York, United States (USA)11-502015169
Tiger GlobalNew York, New York, United States (USA)51-200200125


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