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Corridor, an AI-native health benefits broker, raised $16 million in seed funding led by Bain Capital Ventures, CEO Nikhil Aggarwal tells Axios Pro exclusively.

The big picture: Investors are pouring money into the tech-powered benefits market.

Follow the money: BoxGroup, Definition Capital and Constellation joined, bringing its total raised to $25 million, including a $9 million pre-seed also led by Bain.

It has multiple years of runway and no short-term fundraising plans, Aggarwal says.

How it works: NYC-based Corridor focuses on small businesses that have fewer than 100 employees.

While the company relies on humans to support and advise customers, it deploys AI to assist brokers with generating quotes, modeling plan differences and running open enrollments.

The company offers alternative plans like CHOICE Arrangements, formerly known as ICHRA, but it is agnostic to the plans its customers ultimately select, Aggarwal says.

What they're saying: Corridor sees providing a higher level of personalized customer service to small businesses as a moat against incumbents like Gallagher and Marsh.

"I think truly going down market — we're talking all the way down to a single employee business — it was not feasible to provide this service to that business before AI," he says.

State of play: Corridor is launching in an increasingly crowded market.

Nara Health, a third-party administration company, raised an approximately $10 million seed round last week.

Benefitbay, a health benefits administration company that helps brokers quote and administer ICHRA plans, raised $18 million in May.

Yuzu Health notched a $35 million Series A round co-led by General Catalyst and Chemistry in April.

Nava Benefits, a brokerage that also focuses on small businesses, nabbed $30 million in a Thrive Capital-led Series C round last year.

Exclusive: Corridor launches with $25M from Bain Capital Ventures

Investors are pouring money into the tech-powered benefits market.

Illustration of a stack of papers with a health cross cut out from the center. 

Corridor, an AI-native health benefits broker, raised $16 million in seed funding led by Bain Capital Ventures, CEO Nikhil Aggarwal tells Axios Pro exclusively.The big picture: Investors are pouring money into the tech-powered benefits market.

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Exclusive: Corridor launches with $25M from Bain Capital Ventures

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