Employee benefits navigation platform Nayya has raised $37 million in a Series B funding round co-led by SVB Capital and ICONIQ Growth.

Additional investors include Bow Capital, Felicis Ventures, Social Leverage SemperVirens, Guardian Strategic Ventures, Unum Business Ventures and CNO Financial Group.

With this raise, in addition to Nayya’s Series A round from earlier this year, the company has raised nearly $50 million to date.

WHAT IT DOES

Cofounded in 2019 by Sina Chehrazi and Akash Magoon, Nayya’s platform helps employees first choose and enroll in benefits and then helps them engage with their health plan.

The platform is designed to help employees get the most out of their insurance plans while also saving money. It provides an annual estimate of employee healthcare spending and personalized, data-driven guidance on how best to save, manage and use spending accounts.

WHAT IT’S FOR

Nayya plans to use the new capital to grow its team and invest in new features for its platform, according to the announcement.

“We are committed to improving the healthcare experience for employees. Employee financial wellness is more important than ever, with employee health being the largest driver,” Sina Chehrazi, cofounder and CEO of Nayya, said in a statement.

“This new capital will accelerate the growth of Nayya’s ‘system of influence,’ within ‘systems of record’ across the United States. Once employees can fully understand their benefits and become confident consumers of healthcare, we can build a much stronger, much more efficient market. We are very excited to welcome SVB Capital and ICONIQ Growth, firms with deep data and software experience, as we continue to expand our footprint and growth strategy.”

MARKET SNAPSHOT

Employee health and wellbeing have become a top priority for many companies during the COVID-19 pandemic.

Other startups hoping to make employee benefits more manageable include Eden Health and Collective Health.

There’s also Vericred, which has a suite of APIs that can be used across medical, life, dental, vision and other types of insurance. The company recently scored $23 million in Series B funding.

Meanwhile, others are focusing specifically on employee mental health, including Unmind and Meru Health.