BenefitPoint on Thursday said it has raised $11 million in its third round of funding.
HarbourVest Partners, which previously invested in the company, led the round and was joined by other previous investors such as Institutional Venture Partners (IVP) and Sequoia Capital. BenefitPoint provides Internet-based software that helps businesses manage and distribute employee benefits. The San Francisco-based company will use the financing to accelerate its growth plan, which includes improving its products.
BenefitPoint announced in June 2000 that it raised $52 million in a second round, which was also led by HarbourVest and included participation from Sequoia and IVP as well as GS Capital Partners, First Union, Comdisco and Scient.