Round led by B Capital will be used to expand
access to When's AI-powered health insurance marketplace and
accelerate new partnerships with employers and brokers
CHICAGO, Aug. 1, 2024
/PRNewswire/ -- When, the AI-powered offboarding solution designed
to help employees navigate post-employment transitions and maintain
access to healthcare by offering more affordable alternatives to
COBRA, today announced it has closed its latest Seed funding round
of $4.6 million led by B Capital and
joined by TTV Capital, Joyance Partners, Alumni Ventures, Network
Ventures, and Enfield Capital Partners. This new infusion of
capital, combined with When's initial $2.4
million round, brings the company's total amount raised to
$7 million. When will use this
funding to expand its platform's AI capabilities, add new offerings
to its post-employment marketplace, and grow its customer base.
When is reimagining the often-neglected post-employment
experience through two distinct solutions: the When technology
platform, a co-branded portal specifically designed to meet the
needs of exiting employees, and the When Benefit, a healthcare
severance solution replacing expensive, inflexible COBRA subsidies.
Since COBRA participants are three times more costly than active
employees, When enables employers to reduce health insurance costs
and mitigate risk while providing employees with access to
affordable coverage. In particular, When offers significant savings
for companies that need to maintain health insurance for employees
who retire early and are not eligible for Medicare. When's solution
also includes partner offerings for all aspects of the job
transition, including 401(k) rollovers, career coaching, and résumé
building.
"Unfortunately, many of us have had the universal experience of
losing a job and suddenly facing the steep costs of COBRA coverage.
Out-of-pocket health insurance costs and confusion around finding
coverage are all too common problems for American workers, but they
don't need to be," said Andy
Hamilton, Co-Founder and CEO of When. "We founded When to
remove the obstacles created by job loss, not add to them the way
COBRA does. Our platform eliminates the stress of post-employment
healthcare and creates an opportunity for seamless coverage while
helping employers lower costs and mitigate risk. We are grateful
for our investors' vote of confidence as we make When the
offboarding standard for U.S. employers."
When's AI-powered health insurance marketplace allows users to
compare their current coverage with plans from partners including
Healthcare.gov and Covered California, as well as Medicare and
private providers, so they can understand the cost associated with
COBRA and choose the plan that is best for them. Transitioning
employees can apply their When Benefit to one of the available
plans; on average, companies that offer When's fixed-dollar health
insurance premium reimbursement have seen an 80% conversion rate
from COBRA, and employees have saved as much as 50% in
out-of-pocket healthcare costs.
"B Capital has been a partner to When since Day 1, and we
continue to be impressed by the When team's vision and ability
to innovate the offboarding process," said Gabe
Greenbaum, General Partner at B Capital. "The company is well
positioned as an affordable, much-needed alternative to COBRA
for employers across the country. We look forward to seeing When
further enhance its suite of post-employment resources."
Reductions in company headcount impact hundreds of thousands of
Americans each year. US-based employers planned 721,677 job cuts in
2023, a 98% increase from 2022. With the exception of 2020, layoffs
in 2023 reached the highest annual total since 2009, according to
The Challenger Report. Yet despite the volume of impacted
employees, the offboarding process has remained largely unchanged,
and employees often have little support to navigate the
complexities of maintaining healthcare coverage, rolling over a
401(k), and finding a new job during an incredibly stressful
time.
"Some of our most successful portfolio companies were started by
founders who wanted to solve a problem that they encountered
firsthand. When is a great example of that – repeat entrepreneurs
who have built an easier, more accessible way to maintain health
insurance after a change in employment status," said Lizzie Guynn, Partner at TTV Capital. "When is
reimagining the entire offboarding experience in a way that makes
economic sense for employers and employees alike, proving that we
don't have to accept the status quo. We're proud to support them in
the next phase of their growth."
When's technology platform seamlessly integrates with 220+ HRIS
platforms to provide personalized and compassionate support during
the offboarding process. Exiting employees have access to a
bilingual nationwide call center and white-glove customer service.
When's marketplace includes partner offerings for all aspects of
the job transition, from 401(k) rollovers to career coaching,
résumé building, and more. To learn more about When's solutions,
visit https://www.forwhen.com.
About When
When is the AI-powered post-employment
platform built for workers in between jobs who need support with
health insurance, 401(k) rollovers, financial assistance, and
career guidance. Employers that use When mitigate health insurance
risks and costs by replacing expensive and inflexible COBRA
subsidies with fixed-dollar health insurance premium
reimbursements. Exiting employees can apply their benefit to plans
on When's health insurance marketplace, saving as much as 50%
compared to COBRA. For more information, please visit
https://www.forwhen.com.
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SOURCE When