Beanstalk Benefit, a local technology startup, has launched with $7.5 million in funding, writes Ryan Mulligan for Philadelphia Business Journal.

Beanstalk Benefit works to give employees more access to, and control over benefits their employers offer.

The seed funding was provided by New York-based Redesign Health, which develops and funds technology,, giving its creators the resources required to commercialize it and bring it to market.

Beanstalk, based in Greater Philadelphia, was built at Redesign Health and functions as its operating company.

Beanstalk Benefits is helmed by Matthew Sydney. He previously served as CEO of Picwell, the Philadelphia software firm that matched users with the best benefits options during the open enrollment period.

His latest project provides employees with an option to personalize a portfolio of existing employer-offered health, wealth, and wellness benefits that they can then adjust throughout the year.

“It’s meant to help address a core problem that I’ve seen in the benefits space, which is people not utilizing all the benefits and services that are available to them and it costing employers a lot of time, energy, and money,” said Sydney.

Read more about Beanstalk Benefit in the Philadelphia Business Journal.

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