Cobee, a Madrid, Spain-based employee benefits and flexible remuneration platform, announced that it raised $40 million in Series B funding, bringing its total raised to around €60 million.
The round was co-led by Octopus Ventures and Notion Capital, with participation from previous backers Balderton Capital, Speedinvest, and Dila Capital.
The funds will allow Cobee to further develop its current business in Spain and Portugal as well as expand into new markets. The company starts its internationalization to Latin America in one of the biggest markets in the region: Mexico.
Borja Aranguren, co-founder and CEO of Cobee: “For us, it’s very important that investors understand our market and share the vision of what we want to build. Both Octopus and Notion had previously considered other employee benefits startups in Europe, but could not get convinced. However, our vision matched perfectly with their thesis, so it’s been a perfect match. We have an outstanding combination of investment funds in Europe and Latam, which will unlock the potential in our target markets.”
The company expects to increase its staff to over 200 people in the next 18 months to strengthen its main business areas in different hubs: Madrid, Lisbon, and soon Mexico and other markets in Southern Europe.
Company: Perk Finance, SL
Raised: $40.0M
Round: Series B
Funding Month: November 2022
Lead Investors: Octopus Ventures and Notion Capital
Additional Investors: Balderton Capital, Speedinvest, and Dila Capital
Company Website: https://cobee.io/
Software Category: Employee Benefits
About the Company: Founded in 2019 by Borja Aranguren, Nacho Travesí, and Dani Olea, Cobee is an all-in-one platform for employee benefits. Cobee provides a flexible employee benefits management platform that brings benefits to staff – from gyms to insurance products and vouchers. Cobee offers a 100% digital platform aimed at staff well-being and taking employee benefits management and salary sacrifice to another level. It gives HR teams a compensation tool to reduce administration and paperwork and improve the company’s employer branding. Cobee's mission is to help you increase the satisfaction of your employees by easily increasing their salaries without the company having to increase salary costs or implement complex administrative processes. Cobee is based out of Madrid, and its current focus is on Spain and Portugal, with around 800 customers in those countries, including Ogilvy, Booking, Workday, N26, JTI, Job & Talent, Avis, Línea Directa, Michelin, Petronas, and Glovo.
Source: https://techcrunch.com/2022/11/21/spains-cobee-raises-41m-for-an-employee-benefits-superapp/ https://www.eu-startups.com/2022/11/spanish-startup-cobee-secures-e40-million-for-its-leading-staff-wellbeing-platform-and-looks-to-expand-in-new-markets/