When, an innovative player in the realm of employee offboarding, has announced the successful closure of a $4.6 million Seed funding round. Led by B Capital, this round also saw participation from TTV Capital, Joyance Partners, Alumni Ventures, Network Ventures, and Enfield Capital Partners. This latest influx of capital, alongside the company’s initial $2.4 million round, elevates the total funding raised to $7 million.
This capital will be strategically allocated to enhance When’s cutting-edge AI-powered health insurance marketplace, broaden its array of post-employment offerings, and expand its customer base. The company is dedicated to reshaping the post-employment landscape through its dual offerings: the When technology platform and the When Benefit.
The When technology platform is a co-branded portal tailored for departing employees, designed to simplify the often daunting transition process. Complementing this is the When Benefit, an alternative to COBRA that offers more cost-effective and flexible health insurance solutions. With COBRA participants being three times more expensive than active employees, When provides a financially viable option for employers, especially those needing to cover early retirees who are not yet Medicare-eligible. Additionally, When’s comprehensive service includes assistance with 401(k) rollovers, career coaching, and résumé development.
Andy Hamilton, Co-Founder and CEO of When, expressed his enthusiasm about the recent funding, stating, “Many people have faced the overwhelming costs and confusion associated with COBRA coverage after job loss. We created When to alleviate these challenges, offering a seamless transition and reducing the burden on both employees and employers. We are thankful for our investors’ support as we aim to set a new standard in offboarding.”
The platform allows users to compare their current health coverage with plans from various sources, including Healthcare.gov, Covered California, Medicare, and private providers. This enables employees to understand the costs associated with COBRA and select the most suitable plan. Companies adopting When’s fixed-dollar premium reimbursement have reported an 80% shift away from COBRA, with employees saving up to 50% on healthcare expenses.
Gabe Greenbaum, General Partner at B Capital, commended When’s vision: “We have been partners with When since its inception, and their innovation in the offboarding process continues to impress us. Their approach offers a much-needed alternative to COBRA, positioning them well in the market.”
The need for effective offboarding solutions is underscored by the record number of layoffs in recent years. The Challenger Report highlighted a staggering 721,677 job cuts in 2023, marking a 98% increase from the previous year. This underscores the urgency for improved support during the offboarding phase, an area where When is making significant strides.
Lizzie Guynn, Partner at TTV Capital, highlighted the value of When’s approach: “When exemplifies how solving a personal problem can lead to transformative solutions. By rethinking the offboarding experience, they offer a pragmatic and cost-effective alternative that benefits both employers and employees. We are excited to support their growth.”
When’s platform seamlessly integrates with over 220 HRIS systems, offering a personalized and empathetic offboarding experience. Features include a bilingual nationwide call center and premium customer service. For more information on When’s solutions, visit When.
Editorial Opinion
When’s recent funding success is not just a testament to its innovative approach but also an indication of the growing need for more supportive offboarding solutions in today’s volatile job market. By addressing the high costs and complexities associated with COBRA, When provides a significant improvement for both employers and employees during a critical transition period.
In an industry that has largely overlooked the nuances of post-employment support, When’s comprehensive approach—including health insurance, 401(k) management, and career transition services—represents a substantial advancement. The company’s use of AI to simplify and enhance the offboarding process is both timely and strategic, promising to set new standards for how organizations handle employee exits.
Their ability to attract substantial investment further validates their potential and positions them well for continued growth. As companies increasingly recognize the value of a smoother, more cost-effective offboarding process, When’s solutions could become an industry benchmark.
For further inquiries or corrections, please reach out to editor@thetimesmag.com.
