If there is one pivotal thing we have learned over the years, it’s that our lives always function under an evolving environment. This ever-changing nature of our surroundings forces us to keep moving as well, therefore triggering significant growth for every individual. Now, while the said system is structured around the objective of improving us on a personal level, it remains a tough nut to crack. In fact, navigating through change will stay a problem until technology arrives on the scene. Technology was such an outlier from the get-go that it commanded total commitment from every area on our spectrum. To its credit, the creation would make the inconvenience more than worthwhile, and it will do so on the back of some really ingenious ideas. In hindsight, we can clearly see how these ideas went about scaling up human life beyond anyone’s wildest dreams, but during the said reflection, we are also likely to notice how medical sector became one of their biggest beneficiaries. You see, the technology-healthcare linkup was a genuine turning point for both the concepts. On one hand, it effectively rehabbed healthcare’s image among the public, whereas, on the other side, it was the milestone that convinced everyone regarding technology’s long-term credentials. Notably enough, even after this link-up had suppressed all expectations, it continued to deliver the right goods, and the said dynamic should only grow stronger following Forma’s latest funding.
Forma, formerly known as Twic, made two important announcements over the last few days. Firstly, the company is officially rebranding, thus the change in name. Secondly, it has also secured a funding worth $40 million from a Series B round. Led by Ribbit Capital, the round saw many other participants, which included AngelPad, Designer Fund, Emergence Capital, Upside Partnership, Tobias Lutke, founder and CEO of Shopify; Joe Gebbia, co-founder of Airbnb; and Jack Altman, co-founder and CEO of Lattice. According to certain reports, Forma plans to use the new funding for building more products and services. Primarily an employee benefits management platform, Forma hopes to personalize the user experience moving forward, while also giving them more options. At present, the company offers benefits across six categories i.e. basic health and protection, education and career, family and relationships, money and health, wellness and lifestyle, as well as work and performance, Within these categories, employees can browse through over 250 products that are all available at a rate, which is 10% to 30% lower than the product’s retail value.
“While there are a few startup companies entering the market, most of our customers tell us that we are up against legacy processes that companies have had for decades,” said Jason Fan, founder and CEO of Forma. “Forma radically streamlines program administration and vendor integration across HR and finance teams, making flexible benefits easy to manage and delightful to experience.”
Apart from conceiving technological advancements, Forma will now actively try to bolster its workforce, bearing in mind the goal to get 500-big by 2023. Considering the company already has bigshot customers like Zoom, Stripe, Twitch, and more, scaling up on different fronts might just turn it into a legitimate force.
