Coverflex nets €5M and hires 30
The Portuguese startup Coverflex, which brings together employee benefits on a single electronic platform, has succeeded in netting €5 million in pre-seed investment.
The money is the largest pre-seed investment ever made for a Portuguese startup and will allow the company to grow and take on 30 new staff by the end of the year.
The startup aims to change the way in which companies and employees deal with benefits beyond mere salaries and bonuses in a business that is called “benefits with a service” and aims to increase retention of teams.
The service convinced investors with an investment round headed by the French venture capital company Breega, the Portuguese investor 200M and other national investors.
The platform enables all companies, irrespective of their size to design, operationalise and customise their benefits packages such as health insurance, meal allowances, social and welfare benefits and discounts. In other words, the solution goes beyond staff bonuses.
The staff would be able to access these discounts in line with their needs via a Visa card, an application with budgets and options defined by the company.
In addition to staff freedom of choice, the company also saves costs through “physical and cost-effective benefits”.
Over 3,000 staff already benefit from this solution including PwC, Bolt, Emma -The Sleep Company, Landing.Jobs, Startup Lisboa, Rows, Paul Stricker, Velocity and Unbabel.
Based in Portugal, Coverflex has chosen a model that places emphasis on remote working. Currently employing 30, the team will expand to 60 by the end of the year, particularly product, engineering and design teams.
The startup was founded by four experienced Portuguese self-starters: Miguel Santo Amara, (ex-Uniplaces who is CEO), Nuno Pinto (ex-Kide who heads business operations), Rui Carvalho (ex-Unbabel (Operations) and Luís Rocha (ex-TUI Musement (Marketing).