Human Interest, a 401(k) provider backed by BlackRock, announced a $267 million funding round on Wednesday. This Series E fundraising was led by Marshall Wace and Baillie Gifford, bringing the company’s total financing to $700 million. The San Francisco-based firm now has more than one million employees on its platform and has surpassed $100 million in annual recurring revenue.
It forecasts a 70% revenue growth in 2024. “This latest raise was designed to bring additional top-tier public equity investors onto the cap table,” the firm stated. Human Interest is approaching cash flow break-even and has enough capital to fund its continued growth without needing additional funding.
Funding milestone for Human Interest
Along with the financing, Human Interest announced the hiring of several executives with experience in taking startups public. Tripp Faix has joined as CFO, previously holding this role at Mambu and Marqeta, where he led their $15 billion IPO in 2021.
Jeff Buckley will join the finance team as Chief Accounting Officer, having held similar roles at Palantir and Zynga. The company also introduced new board members Leslie Stretch and Roxanne Oulman. Stretch was formerly the CEO of CallidusCloud and Medallia, both of which he took public, while Oulman served as CFO at both firms during their IPOs.
“As we continue to revolutionize the retirement industry, we’re being very deliberate about how we build out our cap table, leadership team, and board,” Jeff Schneble, CEO of Human Interest, said in a statement. “We have a short list of investors we want to partner with now and in our future as we look towards becoming a public company.”
Human Interest is poised to go public when the time is right, according to Chief Revenue Officer Rakesh Mahajan.
