BeyondWork Raises $14.2 Million; Major investors include NEA -- New Enterprise Associates -- and Polaris Venture Capital.

Business Editors and Technology Writers

Tel Aviv, Israel--(BUSINESS WIRE)--Sept. 12, 2000

BeyondWork, a premier provider of outsourced Internet-delivered work/life benefits, has completed its first round of venture financing, raising (including seed capital), $14.2 million.

Major investors include NEA (New Enterprise Associates) in Menlo Park,Polaris Venture Capital, and several private investors, primarily Silicon Valley high profile executives.

BeyondWork Inc., based in Santa Clara, California, founded in 1999, provides a corporate-sponsored work/life quality benefit that complements the traditional benefits package for any size company. BeyondWork's Employee Discount Portal is a pure-play scalable Internet technology offered free to subscribing companies and their employees. The company also provides a line of for-fee services including teambuilding, employee wellness, event planning and voluntary insurances. There is no administrative overhead, pre-purchase requirement or integration of proprietary software to get up and running.

This recently completed round of funding has enabled BeyondWork to aggressively penetrate 14 major business centers nationwide. The expansion will continue until we are in every major business center by the end of year 2000.

As of August, 2000, BeyondWork has more than 3,700 member companies throughout the United States, serving over 3.4 million employees. By the end of this year it plans to grow to 10,000 member companies and over 10 million employees. The company is the premier provider of Work/Life benefits and serves a market estimated at $130B annually.

Israel Niv, President and CEO BeyondWork, stated: "We have seen tremendous growth over the past nine months signaling the market's readiness for both improved work/life quality and a preference for our brand of Internet delivered corporate benefits. BeyondWork will continue to accelerate delivery of its service and will be in every major business center nationwide by the end of the year 2000."

Bruce Crocker, Managing Director at Polaris Venture Capital, stated: "a complete package of work/life quality benefits is a necessity for both the employer and the employee. BeyondWork's new technology and breadth of offering answers this need and enables the employer to focus in business development while providing the employee with improved work environment. BeyondWork's product has great business potential that is in line with important trends in the workplace both, in the USA and Israel."