Los Angeles-based Certified B Corp, HoneyBee is a startup that helps companies provide access to financial support to their employees. In a recent development, the company raised $5.7 million in an equity funding round.
HoneyBee is one of the startups that is breaking the stereotypes as it has a female founder. Ennie Lim teamed up with Benny Yiu and Max Zschoch in 2017 to build this startup with the aim to give HR and DEI leaders claiming to be committed to create an equitable and inclusive culture as a way to provide access to financial tools and education to help improve their employees’ financial health.
The investment round was led by FFVC along with other investors, including Resolute Ventures, Afore Capital, Rebalance Capital, K50 Financial Venture Studio and two-time NBA all-star Baron Davis. In addition to this, HoneyBee also secured a $100 million debt facility from an institutional impact investment manager, CIM. This will provide debt capital to fuel its innovation to help underserved communities.
HoneyBee plans to use its new capital to grow its sales, engineering, and customer success teams.
225% growth amidst pandemic
HoneyBee’s user growth witnessed 225 per cent growth during the pandemic. It claims to have delivered over $2 million in rainy day funds. Also, its on-demand financial therapy usage surged by 172 per cent over the period.
Notably, its customer base includes Alameda County Community Food Bank, DC Central Kitchen, Kate Somerville, Community Catalyst of California, Southwest Water Company, Straus Family Creamery, Asian Art Museum, Pasadena Humane Society and Peachtree Health.