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Exclusive: Clasp raises $1.5M to improve employee benefits experience

Illustration collage of a hand hovering over three identical medical crosses and numerous geometric shapes

Illustration: Annelise Capossela/Axios

Clasp, a SaaS platform for employee benefits infrastructure, raised $1.5 million in initial funding, CEO Amar Jasarbasic tells Axios exclusively.

Why it matters: 85% of workers find their benefits packages confusing, leading to underutilization, dissatisfaction and loss of talent.

Zoom in: Base10 Partners led the round.

  • Individual investors include Bedrock Capital founder Eric Stromberg, Check CEO Andrew Brown, and Willem Van Lancker, former head of incubation at Thrive Capital.
  • Clasp is generating revenue, Jasarbasic says, declining to disclose figures.

How it works: New York City-based Clasp's application programming interface aims to help benefits platform developers, benefits brokers and payroll companies build a compliant benefits software.

  • Clasp's features include carrier integrations, plan enrollment and payroll deductions.
  • "We want to be the Stripe but for benefits," says Jasarbasic.
  • Many users Clasp serves are in construction and other fields where health benefits might be less accessible, says Clasp co-founder Zach Zhang.

For Base10 Partners, the "headless" nature of Clasp's benefits platform was attractive, principal Caroline Broder says.

  • This "means that it can be flexible to the needs and profile of the employers with which they partner," Broder says.

What's next: Jasarbasic says the company is focused on building integration with every benefits carrier.

  • Runway of the funding is long, and Jasarbasic sees the company hitting profitability in the near term.

🔗 1 fun thing: The name "Clasp" references how clasps connect chains together, Jasarbasic says — with benefits as the missing link.

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