Captain401, A Service For Spinning Up And Managing 401(k) Plans, Raises $3.5M

At Roger Lee’s last startup, he wanted to set up a 401(k) plan for his employees. He soon realized how frustrating and outdated the process was; it required stacks of paperwork and even faxing documents.

That’s what prompted him to start Captain401, a service built for quickly spinning up 401(k) plans for small- to medium-sized businesses that aims to be less complicated. The company said it raised $3.5 million in financing today in a round led by SoftTech VC and SV Angel, among others.

Companies use Captain401 to set up a 401(k) plan for their employees online through a couple of simple steps. After that, the ongoing administration pulls data from HR software like Gusto and Intuit, and the service automatically manages investments for employees through index funds like those…

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