Cobee, the Madrid-based fintech company that has developed an employee benefits management app has confirmed raising €2.1 million as part of the "pre-Series A" funding round. The financing has been co-led by Speedinvest and Target Global with participation from Chris Bouwer (an early employee of Adyen) and existing investors Encomenda Smart Capital, BStartup (Banco Sabadell), Lanai Partners and Abac Nest.
Borja Aranguren and Daniel Olea founded the firm in 2018 with the aim of helping employees “leverage better economic performance” from their salary by offering them various employee benefits and discounts offered through the platform.
Borja Aranguren while speaking to TechCrunch said, “We realized that there is an increasing number of solutions that are being sold as benefits or products to the end employees through their HR department (gyms, insurance products, perks, vouchers, salary sacrifice formulas, etc.). This, on the one hand, means administrative hassle for the HR departments to manage all the different providers and processes and, most importantly, on the other hand, brings a totally fragmented and unclear value proposition for the employee”.
The company offers benefits in the segment like meals, transportation, childcare, health insurance, and training courses. It is working on bringing more options like a gym membership. Cobee will use the funds to scale up the business model in the country along with chalking out a plan for the global expansion as well. It also plans to increase the size of its team by hiring more talents.
Petronas, Opinno, Glovo, Avis Budget Group, Gympass and Willis Towers Watson are amongst the clients of Cobee.
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