Benefitfocus Announces Selections for InnovationPlace Startup Cohort

CHARLESTON, S.C., Dec. 5, 2019 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based consumer benefits platform and services provider, today announced it has selected six companies for its inaugural startup supplier cohort within InnovationPlace, the company's startup partner program. Companies chosen for the cohort align with Benefitfocus' goal to provide easy access to the benefits people need to improve their lives.

Throughout the course of the program, founders and their teams from the selected companies will work with Benefitfocus mentors and subject matter experts with the goal to successfully launch their offering on BenefitsPlace, the company's market-leading benefits platform serving millions of consumers across the United States.

"Benefitfocus is building a vibrant and connected ecosystem for buyers and sellers of benefits," said Ray August, President and CEO of Benefitfocus. "It's important that we select the best, most innovative solutions on behalf of the more than 25 million Americans on our platform. We are excited to be working with such an impressive group of early-stage companies who share our vision to change the game in consumer benefits."

The InnovationPlace cohort participants

The following companies were chosen following a thorough vetting process by the InnovationPlace selection committee:

1. Cabinet: billed as "the people's pharmacy," Cabinet is an over-the-counter online pharmacy delivering FDA-approved medicines directly to consumers.
2. Edmit: helps families make smarter college borrowing decisions so they're better off after college; winner of the South by Southwest (SXSW) EDU 2019 Startup contest.
3. FutureFuel: exists to crush student debt for America's 44 million borrowers. Their Student Debt FinHealth SaaS platform supports a highly flexible employer program design and on average shaves half of a decade and $15,000 off of a user's student debt. Awarded Top 100 Startups in the World by CNBC and backed by Salesforce Ventures, Vulcan Capital, Rethink Impact and other iconic institutional investors.
4. Milk Stork: a breast milk travel solution for working mothers; chosen as one of Fast Company's World's Most Innovative Companies for 2019.
5. mymedicalimages: a medical image sharing platform for patients and doctors founded on a simple idea that people should be able to view, share and manage a lifetime of medical images like they do their personal photos.
6. Wildflower Health: a platform solution that empowers women and their families to confidently navigate and access the care they need, when they need it; UC San Francisco's Health Hub Digital Health Awards, Best FemTech winner.

Innovation Place
The intensive 15-week program begins with a kickoff from December 10-12 at the company's headquarters in Charleston, S.C., and culminates in conjunction with the company's annual user conference, One Place, March 17-19, also in Charleston.

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 may also be invited to attend One Place for an investor showcase featuring those startups which successfully complete the program.

BenefitsPlace
As the conclusion of this process, the selected companies will have the opportunity to have their offerings listed on BenefitsPlace, Benefitfocus' growing catalog of industry-leading health, wealth, property and lifestyle products. Currently, over 45 suppliers and 85 offerings are available on BenefitsPlace.

BenefitsPlace is designed to enable employers to optimize their benefits strategy with the perfect mix of products. It applies AI-powered communication to deliver to employees personalized product suggestions and tips, so they can get the most out of their benefits all year long. Thanks to SelfPay, employees can pay for eligible BenefitsPlace products with any major credit or debit card without any required changes to payroll.

As a BenefitsPlace Partner, they will have access to one of the largest benefits communities in the world, which enables our customers and partners to connect via an array of options and stay connected online or in person.

Connect with Benefitfocus
To learn more about InnovationPlace, go to https://www.benefitfocus.com/innovationplace

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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. 

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 maintain our culture and recruit and retain qualified personnel; our ability to compete effectively; management of growth; 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.