Noyo has raised $58.0M in total across 2 funding rounds.
Noyo's investors include B Capital Group, Bessemer Venture Partners, Costanoa Ventures, CRV, Curie.Bio, Ensemble VC, Friále, Hannah Grey, Homebrew, Inspired Capital, Liquid 2 Ventures, Mayfield.
Noyo is a technology company that builds a benefits data platform designed to revolutionize the employee benefits experience by enabling seamless, automated data connectivity between benefits platforms, insurance carriers, and employers. Its core product is an API-driven platform that streamlines enrollment, eligibility verification, and benefits data management, providing real-time, accurate processing that reduces manual work and accelerates integration. Noyo primarily serves HR technology providers, benefits administrators, and insurance carriers, addressing the problem of fragmented, slow, and error-prone benefits data exchange. The company has demonstrated strong growth momentum by becoming a preferred technology partner for leading insurance carriers and pioneering API solutions in the benefits space[1][2][3][4].
Founded in 2019, Noyo was co-founded by Shannon Goggin (CEO), Dennis Lee (COO), Peter Scarlatta (CTO), and Elania O-Mahoney (CPO). The founders brought together expertise in technology and benefits administration to tackle the longstanding inefficiencies in employee benefits data management. The idea emerged from recognizing the friction and complexity in benefits data exchange, aiming to create a modern, API-first platform that would enable seamless connectivity and transparency. Early traction came from partnerships with major insurance carriers and HR platforms, positioning Noyo as a first-mover in API solutions for benefits enrollment and eligibility[1][2][4].
Noyo rides the broader trend of digital transformation in employee benefits and insurance technology, where APIs and real-time data connectivity are becoming essential for modern HR and insurance ecosystems. The timing is critical as consumers and businesses demand faster, more transparent, and integrated benefits experiences. Market forces such as the rise of InsurTech, increasing regulatory complexity, and the shift to cloud-based HR platforms favor Noyo’s API-driven approach. By enabling seamless data flow between carriers, employers, and benefits platforms, Noyo influences the broader ecosystem by setting new standards for connectivity and operational efficiency in benefits administration[1][2][4].
Looking ahead, Noyo is well-positioned to expand its influence as the benefits industry continues to embrace API-first solutions and digital transformation. Trends such as increased demand for personalized benefits, regulatory changes, and the growth of remote and gig workforces will likely drive further adoption of Noyo’s platform. The company’s ongoing work with carriers to build out API capabilities and its leadership in industry standards suggest it will continue to shape the future of benefits data exchange. As benefits become more integrated into everyday software experiences, Noyo’s vision of frictionless, always-connected benefits is poised to become the industry norm[2][4].
Noyo has raised $58.0M across 2 funding rounds. Most recently, it raised $45.0M Series B in May 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2022 | $45.0M Series B | B Capital Group, Bessemer Venture Partners, Costanoa Ventures, CRV, Curie.Bio, Ensemble VC, Friále, Hannah Grey, Homebrew, Inspired Capital, Liquid 2 Ventures, Mayfield, NGP Capital, Norwest Venture Partners, Hans Tung, Robin Li, Operator Partners, Pareto Holdings, Signia Venture Partners, Softbank Latin America Fund, Streamlined Ventures, Thirty Five Ventures, Vine Ventures LP, Workday Ventures, Y Combinator, Brad Bao, Deborah Liu, Dominic Endicott, Fidji Simo, Frederic Kerrest, Henry Kravis, Manish Chandra, Mike Slade, Nick Hanauer, Rob Chesnut | |
| Sep 1, 2020 | $13.0M Series A | B Capital Group, Bessemer Venture Partners, Costanoa Ventures, CRV, Curie.Bio, Friále, Hannah Grey, Homebrew, Inspired Capital, Operator Partners, Pareto Holdings, Softbank Latin America Fund, Streamlined Ventures, Thirty Five Ventures, Vine Ventures LP, Y Combinator, Dominic Endicott, Frederic Kerrest, Henry Kravis, Mike Slade, Nick Hanauer |
