Retirement services provider Human Interest extends funding round to $50 million

[May 21, 2020]  (Reuters) - Human Interest, which helps small and medium-sized businesses set up 401K plans for employees, said on Wednesday it had extended its Series C funding round to $50 million due to more demand during the coronavirus crisis.

The San Francisco-based startup said the additional funding of $10 million was led by investment firm Glynn Capital, bringing the total funding till date to $81.7 million.

"In the past two months, we've continued to add customers and grow assets, which is part of what prompted us to raise the additional capital. We are seeing some of the strongest sales months in the company's history," Chief Executive Officer Jeff Schneble said in a statement.

The company, which was founded in 2015, had raised $40 million in Series C funding round led by financial services firm Oberndorf Enterprises LLC in March.

Human Interest would utilise the new capital to accelerate hiring across the board, with a focus on engineering, sales and marketing, the company said.

(Reporting by Akanksha Rana in Bengaluru; Editing by Rashmi Aich)

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