Pushing through a funding round is never an easy process — and for Captain401 co-founder Roger Lee, it was even more tricky this time around. That’s because Lee and his team raised $11 million right around the birth of his first baby. That gave Lee an even deeper appreciation and understanding for the need of robust employee benefits, which was part of the original goal of Captain401 — giving small businesses access to a 401(k). That goal is also the reason that, with the new fundraising, Captain401 is changing its name to Human Interest. The startup’s latest funding round was led by Wing VC, a firm founded by partners from Sequoia and Accel, as well as former Wealthfront CEO Adam Nash.
Captain401 Raises $3.5M to Help Small-Business Employees Save for Retirement
Captain401 Inc. has raised $3.5 million in seed funding to help small businesses and startups give their employees retirement savings help similar to that of larger and deeper-pocketed employers. The company’s site and service allows an employer to set up a 401(k) retirement savings plan for employees in minutes, without the paperwork, manual administration, repetitive data entry and high fees affiliated with traditional retirement plan providers like MetLife MET -2.42%, Fidelity, or Charles Schwab SCHW -4.29%. And once employees enroll, it helps them set goals and automatically invest towards meeting them.