Coverflex, a Braga, Portugal-based all-in-one platform that enables companies to design and personalize compensation offers, announced that it has secured €15 million in Series A funding, bringing its total raised to date to €20 million.
The round was led by SCOR Ventures, with participation from Breega, MS&AD, Armilar, Stableton, BiG Start Ventures, and Shilling.
High-profile business angels like Firmin Zocchetto (CEO at PayFit), Job van der Voort (CEO at Remote – a client), Nuno Sebastião (CEO at Feedzai), Humberto Ayres Pereira (CEO at Rows—a client), Hugo Arévalo (co-founder at ThePower Business School), Alessandro Petazzi (co-founder of Musement), and Davide Dattoli (founder of Talent Garden), among others, also participated in the round.
The proceeds will be used to grow its team to more than 150 people by the end of 2023, mainly in its product, sales, and engineering teams. Currently, Coverflex has 100 employees across Europe and Latin America.
“In the current macro environment, this Series A round validates our ambitious vision, product-market fit in Portugal, and a market opportunity in Europe, especially in Italy, Edenred’s most profitable market in the world, despite having a strong pushback from both merchants and users recently,” says Miguel Amaro, Coverflex CEO.
Coverflex aggregates multiple providers and helps companies cut costs with tax-efficient benefits insurance, meal allowance, and exclusive discounts. As a result, it gives companies a competitive edge in retaining their most valuable asset – people.
As a part of its European expansion, Coverflex aims to disrupt the meal voucher (“buoni pasto”) and welfare market in Italy with the launch of a platform with low, sustainable merchant fees to bars, supermarkets, and restaurants.
Company: Universal Cover, SA
Raised: €15.0M
Round: Series A
Funding Month: February 2023
Lead Investors: SCOR Ventures
Additional Investors: Breega, MS&AD, Armilar, Stableton, BiG Start Ventures, Shilling, Firmin Zocchetto, Job van der Voort, Nuno Sebastião, Humberto Ayres Pereira, Hugo Arévalo, Alessandro Petazzi, and Davide Dattoli
Company Website: https://www.coverflex.com/
Software Category: Benefits Administration Software
About the Company: Founded in 2021 to help companies of any size to design, consolidate and personalize their compensation offers with health insurance, meal allowance, fringe benefits, and discounts by Luís Rocha, Miguel Santo Amaro, Nuno Pinto, Rui Carvalho, and Tiago Fernandes, Coverflex is a compensation management solution that brings together every part of employee compensation beyond salary. Coverflex solution has been implemented in more than 3,600 companies, including Santander, Natixis, OysterHR, Bolt, Emma, Revolut, and Smartex. Coverflex is on a mission to improve the way companies compensate their people, making it more transparent, flexible, and easier for everyone to make the most of what they get.
Source: https://siliconcanals.com/news/startups/portugal-coverflex-bags-15m/