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Corporate Venture
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Investments

59

Portfolio Exits

7

Funds

2

Partners & Customers

1

About Workday Ventures

Workday Ventures works with promising, early stage companies to fuel the next generation of enterprise applications. Workday Ventures focuses on companies that apply data science and machine learning principles in the areas of analytics, applications, security, and platform technologies. In addition to receiving funding to accelerate growth, portfolio companies have the opportunity to gain strategic guidance from Workday's executives, board members, engineers, customers, and partners.

Workday Ventures Headquarter Location

6230 Stoneridge Mall Road Suite 200

Pleasanton, California, 94588,

United States

925-951-9000

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Latest Workday Ventures News

Noyo Raises $45 Million in Series B Financing to Accelerate the Delivery of Frictionless Employee Benefits Experiences

May 20, 2022

On May 20, 2022 Led by Norwest Venture Partners with participation from industry leaders Gusto and Workday Inc.’s investment arm Workday Ventures, the funding round enables Noyo to continue development of breakthrough infrastructure technology that improves how employee benefits are administered and delivered. Noyo, the leading API platform powering frictionless benefits, announced that it has closed $45M in Series B financing. Norwest Venture Partners led the round, joined by Workday Ventures, Gusto, Cap Table Coalition, and existing investors Costanoa Ventures, Spark Capital, Homebrew, Operator Collective, Fika Ventures, Precursor Ventures, Garuda Ventures, Core Innovation Capital, and Webb Investment Network. As part of the financing, Ed Yip, partner at Norwest Venture Partners, will join Noyo’s Board of Directors. The capital represents resounding validation of Noyo’s technology and mission to unite key players in the group benefits ecosystem around the need to deliver modern, frictionless benefits experiences. The COVID-19 pandemic and the rise of a remote workforce has increased complexities for how companies offer employee benefits across multiple states, at the same time these benefits have become critical to attracting and retaining talent in a tight labor market. “Every person deserves to feel protected and supported by their benefits,” said Shannon Goggin , CEO and co-founder of Noyo. “Whether starting a new family, changing careers, planning for retirement, or something else entirely, it’s important that benefits take into account each person’s individual needs. We’re proud to be providing the technology upon which a new generation of more personalized, accessible, and understandable benefits will be built.” Founded to bring group benefits into the modern age, Noyo’s technology streamlines the digital transformation of the benefits industry, enabling fast, accurate, and secure data exchange through an API-powered data infrastructure. The company’s suite of APIs allows critical insurance and benefits data to flow from point to point or exist embedded in the applications consumers use every day, ultimately unlocking industry-wide connectivity with powerful network effects. “By enabling partners to build dynamic products and solutions atop innovative technology, Noyo not only improves everyday experiences for consumers but also acts as a powerful catalyst for further growth,” said Ed Yip, partner at Norwest Venture Partners. “We look forward to supporting Noyo’s continued progress and impact as they lead an industry-wide transition into the next era of insurance and benefits.” Noyo’s success has already earned them the partnership of major insurers and benefits software platforms, including Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits. This added investment from Gusto, the modern payroll, benefits and HR platform for growing teams, and Workday Ventures, which accelerates the growth of emerging enterprise companies that are valuable to Workday customers, speaks volumes to how Noyo’s technology is already advancing the industry. “Benefits are a crucial component to employee productivity and well-being,” said Mark Peek, managing director and head of Workday Ventures. “We’re choosing to invest in Noyo because their powerful platform allows these vital health services to be quickly and easily delivered to employees, which in turn improves the overall employee experience.” “Gusto’s people platform exists to help build a world where work empowers a better life. A vital part of our efforts is to increase access to affordable health coverage,” said Andy Toung, Gusto’s Chief Strategy Officer. “Our investment and product integration with Noyo is part of Gusto’s commitment to the collective ecosystem that is focused on making it easier for businesses of every size and across every industry to provide health benefits to their employees.” With this latest round of funding, Noyo will expand its product offerings, develop more partnerships with leading carriers and benefits software providers, and grow its reach and impact across new audiences and verticals. To learn more about Noyo’s technology, partnership opportunities, and careers

Workday Ventures Investments

59 Investments

Workday Ventures has made 59 investments. Their latest investment was in Noyo as part of their Series B on May 5, 2022.

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Workday Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/19/2022

Series B

Noyo

$45M

Yes

9

4/19/2022

Series B - II

Strivr

$35M

Yes

3

2/1/2022

Series C

League

$95M

No

TDM Growth Partners, and Undisclosed Investors

21

1/18/2022

Series A

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$99M

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10

1/11/2022

Series B

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$99M

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10

Date

5/19/2022

4/19/2022

2/1/2022

1/18/2022

1/11/2022

Round

Series B

Series B - II

Series C

Series A

Series B

Company

Noyo

Strivr

League

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Amount

$45M

$35M

$95M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

TDM Growth Partners, and Undisclosed Investors

Sources

9

3

21

10

10

Workday Ventures Portfolio Exits

7 Portfolio Exits

Workday Ventures has 7 portfolio exits. Their latest portfolio exit was Suplari on July 28, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/28/2021

Acquired

6

5/17/2021

Acquired

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10

6/29/2020

Acquired

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10

11/4/2019

Acquired

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$99M

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10

8/6/2019

Acquired

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10

Date

7/28/2021

5/17/2021

6/29/2020

11/4/2019

8/6/2019

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

Acquirer

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Sources

6

10

10

10

10

Workday Ventures Acquisitions

1 Acquisition

Workday Ventures acquired 1 company. Their latest acquisition was Jobcase on July 09, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/9/2020

Series B

$99M

$118.5M

Acq - Fin

2

Date

7/9/2020

Investment Stage

Series B

Companies

Valuation

$99M

Total Funding

$118.5M

Note

Acq - Fin

Sources

2

Workday Ventures Fund History

2 Fund Histories

Workday Ventures has 2 funds, including Workday Ventures II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

2/7/2018

Workday Ventures II

$250M

2

7/14/2015

Workday Ventures I

10

Closing Date

2/7/2018

7/14/2015

Fund

Workday Ventures II

Workday Ventures I

Fund Type

Status

Amount

$250M

Sources

2

10

Workday Ventures Partners & Customers

1 Partners and customers

Workday Ventures has 1 strategic partners and customers. Workday Ventures recently partnered with Pipeline Equity on February 2, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

2/23/2022

Partner

United States

1

Date

2/23/2022

Type

Partner

Business Partner

Country

United States

News Snippet

Sources

1

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