Brite Raises $7.8 Million In Series A Funding
Salt Lake City-based Brite announced this morning it has raised $7.8M in a series A round of funding.
The funding round was led by Elevation Capital, with participation from Cameron Ventures.
The software company has built an employee benefits software platform for insurance carriers, brokers, benefit providers, and HR teams.
Brite plans to use the funds for product development, talent recruitment, and marketing.
According to Ben Hale, Brite CEO and co-founder,
"We are very excited to continue our partnership with Elevation. With this new addition of capital, we plan to make strategic hires, capture more market share, and continue to develop our world class product."
The Brite platform was designed to specifically help organizations during new-hire onboarding and open enrollment periods to enable employees to easily digest health insurance plan details and receive recommendations for which employer benefits are most apt for them and their dependents.
Since its founding in 2019, Brite has impacted over 1 million employees and more than 1,000 employer groups.
Brite is “solving deep pain points experienced by insurance carriers, brokers, companies, and employees,” said Ravi Adusumalli, Managing Partner, Elevation Capital. “We are thrilled for what's ahead for Brite.”
With two offices in India and one in Salt Lake City, Elevation Capital has over $2 billion in assets under management (AUM) and is currently investing out of its eighth fund with an underlying portfolio of over 100 companies.