BeneStream closes a $1.58M Seed round to help employers comply with the Affordable Care Act

BeneStream, New York City-based healthtech startup, has completed a $1.58 million Seed funding round. Investors include Serious Change LP, The Social Entrepreneurs Fund, and Esther Dyson, chairman of EDventure Holdings. The company offers solution for helping employers in the U.S. satisfy the employee mandate portion of the Affordable Care Act by handling the enrollment of qualifying workers in Medicaid, rather than private insurance. Its focus is low profit margin industries with many low-income employees, which require assistance in assessing which are Medicaid-eligible and in guiding qualifying employees through the enrollment process.

It was founded in 2011 by CEO Benjamin Geyerhahn and Senior Vice President for Strategy Andrew Greenblatt, and previously raised $250,000 in initial funding last summer.