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  • Investments
  • 27 September 2022
  • 3 min read
  • Words: Northzone

Giving benefits a boost: our latest investment

We’re excited to announce our latest investment in Yonder, the Dublin-based, all-in-one platform that’s reinventing how businesses manage global health and retirement benefits. 

We’ve co-led their $2.6M funding round alongside our friends at Frontline Ventures and are thrilled to be joined by investors such as Cocoa, Tiny VC and angels including David Clarke former Workday CTO , Peter Lorant COO of Zendesk Europe, co-founders of Wagesteam Portman Wills and Peter Briffett, along with many others. 

Whilst most tools and processes in the workplace have become increasingly digitised, modern, and intuitive, everything around financial benefits such as pensions and health insurance has lagged behind. Today, HR teams spend too much time struggling with deeply outdated systems, while employees lack a transparent and portable overview of their benefits. This burden exists in almost every company and has only been exacerbated by the rise of remote work and the increased need to offer locally competitive and compliant benefits.   

Co-founders Luke Mackey, Patrick O’Boyle and Deepak Baliga experienced these challenges first-hand, both as founders running their own startup and as employees at international scale-ups such as Bolt and Flipdish. The trio combine a rare mix of commercial and technical expertise from the world of consumer, fintech and B2B software, as well as a deep understanding of their target market.

Yonder is on a mission to take this offline and paper-heavy segment and make it simple, intuitive and automated. The platform will provide access to the world’s most trusted insurers and integrate with existing HR tools to make it as easy as possible for companies to create local, modular packages where allowances can be flexible and scale across geographies. Employees will be able to own their enrolment and management of benefits via an easy-to use app and have much more transparency and choice about their coverage. 

Starting today, Yonder is launching its private beta today for companies, particularly those in the UK and Ireland, who are looking for health or retirement benefits for local and international staff. 

The European opportunity to redesign workplace benefits infrastructure

As investors in companies such as Personio, Wagestream and Ravio, we’re strong believers in the opportunity to create better tools for the future of work across HR operations, compensation and benefits. Access to financial benefits has long been dominated by legacy providers who have not been able to build digital solutions to streamline processes, especially across multiple jurisdictions. This is especially pronounced in Europe, where companies are often hiring across multiple countries and geographic differences have to be dealt with on a regular basis. As a European team, we believe Yonder is uniquely positioned to tackle this challenge and we’re excited to see the impact they will have in this massive market.