YEC member company Captain401 raised a $3.5 million seed round in February to help small businesses easily set up 401(k) retirement savings plans for employees.
YEC'er Roger Lee, CEO and co-founder of Captain401, said in The Wall Street Journal, "I’m an advocate of personal financial health, and it’s the right thing to help employees save for the future and on taxes. But without a full-time HR person, accountant and the like, it took us years to offer a 401(k) benefit, even though that would be a basic part of an offer to employees from a larger company."
Roger Lee co-founded Captain401 with Paul Sawaya. Their investors include Y Combinator, Paul Buchheit (creator of Gmail), Slow Ventures, FundersClub, Joe Montana (Hall of Fame quarterback), Jared Friedman (co-founder of Scribd) and SoftTech VC.
With Captain401, companies will be able to offer a 401(k) plan for their employees in just minutes. Its HR software will completely automate 401(k) administration and help employees utilize standard best practices for long-term investment.
Andy McLoughlin is a partner at SoftTech VC, one of the company's investors. He says, "Captain401 is automating one of the last big HR problems still untouched by modern technology, The biggest pain point I hear from companies is that it's really confusing and tedious to administer a 401k. Now, with their technology-based solution, it’s quick and painless."