Human Interest, a 401(k) startup based in San Francisco, CA, and formerly known as Captain 401, has closed an $11 million round of Series A funding, led by Wing Venture Capital. The company’s existing investors include Y Combinator, Uncork Capital, SV Angel, CrunchFund, Slow Ventures, and Susa Ventures.
Small businesses often can’t afford to hire full-time HR or 401(k) staff to set up and manage 401(k) account infrastructure, nor do they have much bargaining power with fund or service rates from financial institutions given their lack of assets compared to larger companies. Human Interest focuses exclusively on a small business 401(k) program whose pricing fits small business budgets. The company also provides services that offload the HR and compliance work.
In conjunction with this funding announcement, Human Interest is announcing a rename and rebrand from its original, more whimsical name.