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Oct 15, 2019

Benefitfocus Announces Applications Open for InnovationPlace Startup Cohort

Innovative startups focused on improving consumer well-being invited to apply to startup partner program

CHARLESTON, S.C., Oct. 15, 2019 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based consumer benefits platform and services provider, announced applications are open for the company's next supplier cohort within InnovationPlace. InnovationPlace, the company's program for potential partner startups, is designed to accelerate the availability of products or services of innovative companies who share the company's goal to improve consumer well-being.

Benefitfocus logo (PRNewsFoto/Benefitfocus, Inc.) (PRNewsfoto/Benefitfocus, Inc.)

"We are moving to the next phase in our execution of InnovationPlace and are laser-focused on finding innovative suppliers to drive the next generation of benefit offerings," said Ray August, President and CEO of Benefitfocus. "The benefits industry has a tremendous obligation and exciting opportunity to provide personalized benefits that meet consumers' needs across all aspects of their life. With more than 25 million Americans on our platform, a history of innovation and the industry's largest connected ecosystem, Benefitfocus is uniquely positioned to support early-stage companies who share our vision to change the game in consumer benefits."

The InnovationPlace cohort
Startups are invited to apply to the 15-week program, which begins December 10 and concludes at the company's annual ecosystem conference, One Place, in March. Throughout the course of the program, founders and their teams will be provided the opportunity to work with Benefitfocus subject matter experts with the goal of successfully launching their offering on BenefitsPlace, the company's market-leading benefits platform serving millions of consumers across the United States, and beyond.

Companies eligible to apply include startups developing offerings that are designed to protect consumers' health, finances, property and general well-being. Eligible companies must also have seed or Series A level funding, giving them the ability to grow their business and prepare for sales at scale on the BenefitsPlace platform. Preference will be given to teams willing to work within company provided spaces in the company's headquarters on Daniel Island, Charleston, SC.

Proven success with InnovationPlace
The first startup to successfully launch through InnovationPlace is Natalist, a consumer-centric company focused on women's health and fertility. Led by founder Halle Tecco and a diverse contributing team including scientists, doctors and moms, Natalist's marquee product is the "Get Pregnant Bundle," which includes the essentials needed to help jump-start the TTC (trying to conceive) journey with evidence-based products delivered to the customer's door. Benefitfocus began offering Natalist as a benefit for our associates during this Fall's open enrollment. Natalist is expected to be available to all customers of BenefitsPlace later this year.

"Working with Benefitfocus and InnovationPlace has really helped accelerate our entry into the employer market," said Halle Tecco, Founder and CEO of Natalist. "The support we have received from the company has been instrumental to our success, from roundtables with associates who served as a sounding board as we developed our offering, to interaction with potential customers who provided valuable feedback and helped refine our messaging for the BenefitsPlace marketplace. No one offers the level of support and exposure that we've received from Benefitfocus."

How to participate
Applications are due October 31 by close of business. Finalists will be invited for further discussion and those selected to participate in the cohort will be notified by mid-November. The program begins with a required onsite kickoff from December 10-13 at the company's headquarters and culminates in conjunction with One Place, March 17-19 in Charleston, SC.

Teams who successfully complete the program and meet the requirements of BenefitsPlace will be invited to attend One Place and engage with more than 1,000 leaders in the benefits community, when they will also have the opportunity to present their offering to a targeted group of brokers and potential customers. A curated group of investors will also be invited to attend One Place for an investor showcase featuring those startups that successfully complete the program.

To apply to the cohort and learn more about InnovationPlace, go to https://www.benefitfocus.com/innovationplace.

Connect with Benefitfocus
Like Benefitfocus on Facebook: https://www.facebook.com/Benefitfocus

Follow @benefitfocus on Twitter

Follow Benefitfocus on LinkedIn

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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits industry on a single technology platform to protect consumers' health, wealth, property and lifestyle. Our powerful cloud-based software, data-driven insights and thoughtfully-designed services, enable employers, insurance brokers, carriers and suppliers to simplify the complexity of benefits administration and deliver a world-class benefits experience. Learn more at www.benefitfocus.com, LinkedIn and Twitter.

Safe Harbor Statement
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; the immature and volatile nature of the market for our products and services; our ability to compete effectively; management of growth; our ability to maintain our culture and recruit and retain qualified personnel; risks related to changing healthcare and other applicable regulations; privacy; security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

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SOURCE Benefitfocus, Inc.

Benefitfocus, Inc., 843-284-1052 ext. 3527, pr@benefitfocus.com