Scott’s Addition-based tech startup Fringe scores $6M capital raise – Richmond BizSense
Fringe, a tech startup based in Scott’s Addition, has recently secured a $6 million investment to support its expansion efforts. The company, which offers a platform for employee perks and benefits, is planning to focus on building partnerships with larger benefits providers as part of its growth strategy.
According to CEO and co-founder Jordan Peace, the funds from this latest investment round will be used to improve the company’s software and operations. Fringe is looking to collaborate with established benefits providers to increase its reach and accelerate its growth. By partnering with companies like Alight and ADP, Fringe aims to access a larger customer base and introduce its services to a wider audience.
Peace emphasized that the focus is on establishing strategic partnerships with industry leaders to maximize the impact of these collaborations. By integrating with larger companies, Fringe hopes to offer its services to millions of users through existing software products. The ultimate goal is to make Fringe’s platform more accessible and user-friendly.
In addition to its existing partnerships, Fringe is exploring opportunities to work with other companies in the industry. Peace explained that the company is adapting to the changing landscape of benefits and payroll services, with a shift towards simplifying and streamlining offerings for HR directors and employees.
The recent investment was led by Ron Clarke, CEO of CorPay, along with other notable participants. With its headquarters in Scott’s Addition, Fringe currently serves 300 companies, including well-known brands like Shipt, Chegg, and Turo. The platform features 150 vendors offering a variety of perks and benefits tailored to individual employees.
Despite recent downsizing, Fringe remains focused on its mission to provide innovative solutions for employee benefits. The company plans to continue growing its team and expanding its partnerships to better serve its customers and adapt to the evolving needs of the industry.
