Today Stride, the leading portable benefits platform for independent contractors, announced that it has raised an undisclosed amount in additional funding from Moderne Ventures, a venture capital fund focused on companies innovating within real estate, mortgage, finance, insurance and home services. Moderne made this investment alongside a strategic partnership with its Moderne Passport program to work with Stride to deliver benefits to real estate professionals nationwide.
Stride is uniquely positioned to protect the 87% of real estate professionals who are independent contractors and therefore on their own to access benefits. “Getting your own benefits can be stressful, confusing and expensive for real estate professionals,” said Noah Lang, CEO of Stride. “We’re delighted to be working with Moderne Ventures and their network of real estate businesses to bring simple, affordable benefits to the 2+ million real estate agents in the United States.”
Stride’s portable benefits platform provides businesses, like real estate brokerages, with a turn-key solution to offer their independent contractors, part-time employees, and other non-benefited workers with easy access to affordable health, dental, vision and life insurance, tools to track their income and expenses, and discounts on local goods and services. The benefits are accessible in a co-branded, easy-to-use benefits hub and come at no cost to the business.
“Stride fills the benefits gap for the country’s real estate agents and can help brokers attract and retain top talent,” said Constance Freedman, Founder and Managing Partner of Moderne Ventures. “Stride’s model, providing a free benefits solution to brokerages who want to help their agents get their own benefits, is a win for both the brokers and the agents, and we’re excited to be partnering with Stride on this important mission!”
Real estate agents face unique challenges in navigating health insurance: today 30% buy their own individual health insurance while another 14% are left uninsured. In 2019, the average real estate agent’s average income was $49,700 and therefore a significant number of agents qualify for the Affordable Care Act premium subsidies available on Stride, thanks to Stride’s unique integrated partnership with healthcare.gov. Additionally, the average agent spends $6,290 each year on business expenses and can save thousands on tax deductions by leveraging Stride to track mileage and business expenses.
This new funding will be used to bring Stride’s portable benefits to real estate agents nationwide in partnership with Moderne, and to continue expansion of Stride’s benefits marketplace to support the growing number of businesses looking to provide their non-benefited workers with access to affordable benefits.
Stride provides the first portable benefits platform designed specifically for independent workers, helping them save time and money on insurance and taxes. Since launching in 2014, Stride has helped over 1.5 million workers save over $2 billion. Stride partners with the world’s leading work platforms and employers of non-benefited workers including Uber, Postmates, DoorDash, GrubHub, Rover, Care.com, TaskRabbit, Keller Williams so they can provide their workers with access to a full marketplace of health and wealth benefits and perks. The company is backed by Venrock, New Enterprise Associates, F-Prime Capital Partners, and Moderne Ventures. For more information, visit https://www.stridehealth.com.
About Moderne Ventures
Moderne Ventures invests in technology companies applicable to real estate, finance, insurance, hospitality, and home services. Moderne operates a Venture Fund and the Moderne Passport, an Industry Immersion Program designed to foster innovation, partnership, and growth between industry partners and emerging technology companies. Moderne works with over 700 executives and corporations within its industries and evaluates over 4,500 emerging tech companies each year. Its principals have invested in 90+ companies including DocuSign, Better Mortgage, Hippo, Easyknock, Hello Alfred, Homesnap, Stride, and ICON.