By Fringe CEO Jordan Peace
2022 is almost over. We can’t quite believe that sentence, either. Four years out from when a group of college buddies got together and defined a new category of workplace benefits with the launch of Fringe’s marketplace, the world has shown us time and time again that lifestyle benefits are not a sweet supplement, but an indispensable offering for today’s dynamic workforce. We’ve seen this demand reflected in our growth as a company, the breadth of our customer base, the rising number of services represented on our platform, and now, the continued support of our investors. Today, we’re so excited to share that we’ve raised $17M in Series A funding led by Origin Ventures and Felton Group, LLC. with additional funding from Sovereign’s Capital, Revolution Rise of Rest, ManchesterStory Group, and Anchormark Holdings, among others.
While many speculated that lifestyle perks and benefits were a temporary “Band-Aid” solution for unprecedented workplace shifts early in the COVID-19 pandemic, the industry data tells the real story: In 2021, venture investors funneled more than $12.3 billion into HR tech startups, roughly 3.6 times the amount invested in 2020, according to PitchBook data. That trend continued in 2022, with megadeals ensuring more than $1.4 billion was invested in the sector in the first two months alone. We thank our investors for seeing how crucial it is to support the future of work, and to ensure people have choice when it comes to perks and benefits.
The excitement for these offerings is evident in our recent growth as a company. Four years after we took a big bet on lifestyle benefits, we have over 450 vendors on our platform globally, and over 200 customers in nearly 60 countries. Meals and experiences — like DoorDash, Uber Eats and Airbnb — consistently rank as the most popular apps on our platform, showing that people crave both convenience and adventure two years into the pandemic.
We’ve also expanded our customer base, with companies like Lemonade, Madison Reed, Shipt, CapTech Ventures, and Chegg turning to Fringe as a way to show up for their people.
Just a few weeks ago, leading technology services provider Alight announced the Alight Wellbeing Marketplace powered by Fringe, to help employers (including 70% of the Fortune 100) bring more choice and flexibility to their people through our curated marketplace of services that support the whole person. Now, Fringe is available to 36 million people and dependents around the world to experience personalized lifestyle benefits.
With fresh capital in hand, we’re excited to continue growing the Fringe team both internally (70 Fringers and counting!) and externally, bringing the gift of Fringe to more and bigger employer networks and ecosystems. Ultimately, our goal is to make lifestyle benefits as mainstream as health insurance and 401Ks — and the tail winds are in our favor. We’re grateful to the support of our investors and look forward to writing another chapter of our Fringe history.