HR tech startup Fringe, which facilitates companies to offer customisable perks and benefits to employees, has secured $17 million in funding. The round was led by Origin Ventures and Felton Group.
According to multiple sources, Fringe has raised $21 million in venture capital to date.
According to CEO Jordan Peace, the cash injection will be utlised towards expanding the 72-employee team to more than a hundred by the end of 2022, developing products, and expanding the company’s brand to more countries.
“We realised that most people — especially Millennials and GenZs — didn’t understand their dated benefits, nor appreciate them. We also noticed that most companies treat benefits and perks as a one-size-fits-all solution — with standardised offerings that don’t truly meet the needs of their people,” said Peace.
The HR perks offering company was started in 2018 by Jordan Peace, Jason Murray, Isaiah Goodall, Andrew Dunlap and Chris Luhrman. The startup aimed to build a benefits platform that allows staff to pick and choose the perks that best meet their needs and life stage.
By 2022, Fringe hosts a marketplace containing around 450 vendors ranging from virtual fitness, virtual coaching, and online wellness therapy to food and grocery delivery, streaming services, and more. It also offers deals from vendors like DoorDash, Uber, and Airbnb.
The platform also provides stipends and reimbursement platforms, providing options and tools for employee rewards and recognition, peer-to-peer giving, employee donations, and recruiting incentives.
Fringe has developed over 200 clients like Chegg, Lemonade, and Shipt. The platform has also utilised Alight solutions to expand its offerings to a larger audience.
“The demand for our product has never been greater. Given how significantly the world (and its workplaces) have evolved in the last few years, and the fact that hybrid and remote work are likely here to stay, we’re optimistic that this trend will only continue. When your people work from everywhere, providing flexible lifestyle benefits is a deal maker,” Peace added.