Advancing with Forma: In recognition of record-breaking growth
From Forma's founding in 2017 to its rebrand this year, there has been nothing but monumental growth and change. It is a great honor to be on the Inc. 5000 fastest-growing private companies. The list recognizes the top 5000 privately-held organizations in the nation with Forma ranking 1008 nationally, 150 in California, 128 in software, and 46 among those in the Bay Area.
Forma has demonstrated many successful milestones over the past three years. The company raised $40 million in Series B funding, led by Ribbit Capital, and also announced a new brand name to reflect the evolution of the business and its renewed focus on matching people with benefits that matter to them. Over the past year, Forma has boosted revenue by 4x and increased its customer base by 330% with 140 customers and over 330,000 members located in 80+ countries worldwide,.
“We created Forma to help companies provide flexible benefits to employees to support the life moments that matter most. I am incredibly proud to see how far we’ve come in such a short time. In this next stage of our business, we look forward to continuing to address a market need for more flexibility and choice by providing better benefits options for today’s leading companies.”
recognizes– Jason Fan, Co-Founder and CEO
Growing a world-class team
Our success is driven by our team of 198 Formies. Forma has also seen 5x growth in its headcount with more than 135 joining in 2022. Additionally, the company set plans to grow to 225 by the end of 2022 and double in size in 2023, which it is well on track to achieve.
We remain continually focused on our employee-first company values to never settle, raise each others bar, support one another, and own our work. As evidence our people are core to our success, this year, Forma’s leadership has been recognized for being among the Best Leadership Teams (ranking 29) with Jason Fan being named Best CEOs for Women (ranking 25) and Best CEO for Diversity (ranking 50).
Relentlessly focused on delivering continuous value
This award is a testament to the value of the work that Forma is doing for the benefits industry. Forma’s intuitive interface breaks the norm of the benefits software industry and makes the experience usable and delightful for the employees. In fact, earlier this year Forma was honored with a 2022 HR Tech Award for Best Innovative or Emerging Tech Solution in the Total Rewards and Employee Wellbeing category. Employee experience is front and center in our product development philosophy. Our customers are seeing great success with 98% client retention, 75+ NPS, and 98% CSAT ratings from members.
“Employers have historically provided cookie-cutter benefits models as they aren’t able to make benefits flexible at scale. However, with the new ways of working brought on by the pandemic, employees now demand more flexibility and choice from employers. Forma’s life benefits platform answers a greater market need for flexible benefits as companies redefine the way they work and look for new ways to engage teams.”
– Max Hsieh, Co-Founder and CTO
Adapting quickly in response to ever-changing demands
Forma continues to stay up to date with all industry trends and news in order to provide the most relevant products and services needed for our customers. In response to the overturning of Roe v. Wade, Forma announced its Specialty Health Reimbursement Arrangement (HRA) solution, in addition to its current benefits offerings. The newly launched Specialty HRA is a defined contribution account-based plan that aims to cover the cost of specific abortion and abortion medical travel-related health expenses that aren’t adequately covered by group medical plans.
Helping people find harmony at work and in life
Forma will always put people first in everything it does. CEO Jason Fan emphasizes that cultivating a people-first environment puts business leaders down the right path. He believes in the power of adversity to fuel positive change. He notes, “I do believe that distressing times show the unity in people. It’s humbling for us to do our little part in this vast and changing world.”
Together, we’re building better benefits that work for everyone. Forma is excited about what the future holds and the next milestones to come. Build a universe of benefits with us.