Forma Raises $40 Million in Series B Funding to Transform Employee Benefits for the Modern Workforce

• New Funding Round Led by Ribbit Capital with Support from Emergence Capital

Forma, the life benefits platform, announced it has raised $40 million in Series B funding, led by Ribbit Capital. All of Forma’s existing investors participated in this round, including Emergence Capital, Stripe, Designer Fund, Upside Partnership, and AngelPad. The new funding will be used to accelerate product development, invest in sales and marketing, and key hires across the organization. Forma recently announced a new brand name to reflect the evolution of its business and renewed focus on matching people with benefits that matter to them.

“Forma’s vision is to help the modern workforce find harmony at work and in life,” said Jason Fan, co-founder and chief executive officer. “We founded the company to help employers provide flexible benefits during important life moments that matter. This new investment will power Forma’s next stage of growth as we accelerate the company roadmap and double down on our core customers.”

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Max Hsieh, co-founder and chief technology officer, added, “Employers have historically provided cookie-cutter benefits models as they aren’t able to make benefits flexible at scale. However, with the new ways of working brought on by the pandemic, employees now demand more flexibility and choice from employers. Forma’s life benefits platform answers a greater market need for flexible benefits as companies redefine the way they work and look for new ways to engage teams.”

Over the past year, Forma has 4x its revenue and increased its customer base by 330 percent. Forma has also seen 5x growth in its headcount with more than 135 employees. Additionally, the company plans to grow to 250 employees by the end of 2022 and double its team in 2023. More than 125 companies –– including Zoom, Twitch, Lululemon, Palo Alto Networks and Stripe –– use Forma’s benefits platform to advance their HR programs.

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This new funding will enable Forma to accelerate its company roadmap to expand the employee-choice concept across the benefits industry and cover more categories. Additionally, investments in sales and marketing will allow Forma to put greater emphasis on its large enterprise segment, where the company is seeing momentum.

“Forma’s modern benefits platform helps HR teams solve top of mind challenges related to remote and hybrid work environments and offers employees a 10x better experience,” said Jordan Angelos, general partner at Ribbit Capital. “We’ve admired Jason and Max’s relentless execution for years and are excited to officially be teaming up.”

Strategic angels Tobias Lutke, founder and CEO of Shopify, Joe Gebbia, co-founder of Airbnb, and Jack Altman, co-founder and CEO of Lattice, participated in the latest round of funding. Previously, Forma secured $15 million from Emergence Capital in 2020. Other funding includes $2.5 million from Stripe and Upside Partnership in 2019. Forma completed the AngelPad seed-stage accelerator program in 2018.

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