On July 9, Zoë Foundry, a venture studio located in Redwood City, Calif., secured a $5 million investment. This infusion of capital, spearheaded by Principal Financial Group and Reinsurance Group of America, Incorporated (RGA), is set to accelerate Zoë Foundry's mission to transform the employee benefits sector, the firm said.
As the first venture studio entirely focused on the employee benefits ecosystem, Zoë Foundry employs a structured, data-driven approach to develop and launch startups within the insurtech field. Since its inception, the studio has been backed by experienced founders and advisors, marking a period of robust growth and successful company launches between 2012 and 2022.
This new partnership with Principal and RGA will enable Zoë Foundry to expand its operations and further invest in its emerging portfolio companies, the firm said. The studio plans to launch three startups each year, concentrating on sectors like software-as-a-service (SaaS), business-to-business (B2B), and artificial intelligence (AI) technologies.
Zoë cited two examples from its existing portfolio, SlainTech and Bentection, that the firm said illustrate its capacity for impact. SlainTech is dedicated to automating small group health portfolios, whereas Bentection has developed tools aimed at enhancing executive benefits sales. Both ventures have established their market viability through impressive growth in customer base and revenue generation, Zoë said.
Kara Hoogensen, the senior vice president of workplace benefits at Principal, lauded the initiative, aligning it closely with Principal's strategic goals to broaden access to cutting-edge solutions. Similarly, Dean Abbott, senior vice president at RGA, emphasized the collaboration's promise to further propel advancements in the insurtech sphere.
The leadership team at Zoë Foundry, comprising CEO Garrett Viggers, COO/CIO Jason T. Andrew, and CTO Jonathan Mulieri, brings together over two decades of expertise in the employee benefits industry.
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