Human Interest, a 401(k) service provider supported by BlackRock, revealed on Wednesday that it has secured $267 million in a funding round. This Series E investment was spearheaded by Marshall Wace and Baillie Gifford, increasing the company’s overall funding to $700 million. The San Francisco-based organization currently services over one million employees through its platform and has exceeded $100 million in annual recurring revenue.
The company anticipates a revenue growth of 70% in 2024. “This most recent funding round is aimed at attracting more elite public equity investors to our cap table,” stated the firm. Human Interest is nearing cash flow break-even and possesses sufficient capital to continue its growth trajectory without the necessity for further investment.
Significant funding achievement for Human Interest
In conjunction with this financial boost, Human Interest also announced the appointment of various executives with a track record of leading startups through public offerings. Tripp Faix has come on board as CFO, having previously served in this capacity at Mambu and Marqeta, where he oversaw their successful $15 billion IPO in 2021.
Jeff Buckley will be joining the finance team as Chief Accounting Officer, with a background that includes similar positions at Palantir and Zynga. The firm also welcomed new board members Leslie Stretch and Roxanne Oulman. Stretch was formerly the CEO of CallidusCloud and Medallia, both of which he led to their IPOs, while Oulman acted as CFO during those public offerings.
“As we persist in transforming the retirement landscape, we’re being very intentional about how we enhance our cap table, leadership, and board,” stated Jeff Schneble, CEO of Human Interest. “We have a select group of investors that we wish to engage with now and as we progress toward becoming a public entity.”
According to Chief Revenue Officer Rakesh Mahajan, Human Interest is strategically preparing for its public offering when the timing is optimal.
