🧩 New Base10 market map - and portfolio company! Embedded software platforms are the infrastructure providers that allow companies to launch multi-product strategies faster, better, and easier than with dedicated in-house resources. These are often distributed through a vertical software or marketplace platform, allowing companies that have existing distribution and end customer relationships to offer additional product capabilities without having to own the core infrastructure.
For software buyers, working with embedded software partners to launch additional products expands revenue capture opportunities, increases customer retention, and improves speed to market.
Today, Base10 Partners is thrilled to be welcoming an Embedded Benefits business, Clasp, to the Base10 family. Co-founders Amar Jasarbasic and Zach Zhang have built an exceptional product in a short amount of time. Amar and Zach first met during their college years in Canada while interning at Shopify, then reunited again in 2021 as early employees at Check, which is a leader in Embedded Payroll.
At Check, Amar and Zach worked closely with customers to help them build and launch their payroll products, and discovered a pain point that an embedded benefits provider like Clasp could solve. The product they envisioned didn’t exist…so they built it!
From health plan selection and digital enrollment to automating payroll deductions and ACA compliance, Clasp abstracts away all the complexity of building out benefits administration functionality from scratch. Employee benefits open up new revenue streams for these platforms and enable them to stay competitive against horizontal solutions that typically bundle HR, payroll and benefits together.
Multi-product vertical software businesses can use Clasp to add benefits to their existing platforms, allowing them to consolidate workflow and spend for their existing customers, as well as win larger upmarket customers that require benefits administration.
Please join me in congratulating Amar and Zach on the official launch of Clasp. Read more about Clasp, Amar, and Zach in Axios here: https://lnkd.in/gftbR2EX