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Fringe partners with benefits providers after $6M capital raise

Nov 26, 2024over 1 year ago

Contract Type

partnership

RichmondInformation TechnologyEmployee Benefits

Description

Fringe, a Scott’s Addition-based tech startup, has recently closed on a $6 million capital raise to support its pivot into partnerships with larger benefits providers. This move aims to achieve profitability and scale, with plans to embed into larger employer-facing companies and expand its user base more quickly.

Company Information

Company

Fringe

Location

Richmond, Virginia, United States

About

Legal name of Fringe is FRNGE. Fringe is the world’s first lifestyle benefits marketplace. Lifestyle benefits are services that enhance employees’ lives in personal and meaningful ways. These services reduce stress, give time back, spark joy, and impact families! Not only do these benefits greatly impact employers’ ability to attract and keep the very best people, but Fringe also further solidifies a culture of well-being, appreciation, and diversity. Unlike traditional benefits, Fringe benefits are personalized to the individual and self-selected by each employee. Employees who are struggling with financial stress can receive financial planning services while another employee who recently had a child can get organic baby food delivered to their door! An employer simply selects the employees they’d like to enroll and the amount, each month, that they’d like to allocate to each Fringe benefits account. From a 22-year old intern to a 62-year old leader, Fringe has something for everyone.

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Agreement Insights

Based on industry data
Strategic partnership established
Partnership agreements typically involve technology integration and joint go-to-market strategies
Contract momentum indicator
Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months