Re:benefit, a flexible benefits platform that helps organizations to create benefits and rewards experiences for their employees, has recently raised €1.2 million in a funding round led by Vitosha Venture Partners, with participation from New Vision 3 and Impetus Capital.
With this investment, the company plans to work for further development of the product, expansion to neighboring markets in the next 2 years, and boosting its sales and marketing efforts.
Co-founded by Milen Manev, George Lilianov, and George Gueorguiev in 2021, Re:benefit allows employees to individually select their monthly benefits package from dozens of selected vendors. In this way, the startup serves not only HR managers, but also employees, and vendors. By offering employees a large selection of flexible perks, it helps employers attract and retain talent.
Re:benefit is on a mission to transform the way companies provide employee benefits, by creating a solution that is a win-win-win for employers, employees, and service providers.
Commenting on the fundraising, Partner, Vitosha Venture Partners, Stoyan Nedin, said:
Re:benefit enables managers to attract and keep employees by offering them a platform where each employee can select from dozens of different benefits every month. This solves a significant administrative problem for HR managers and brings a huge client base with thousands of customers to the vendors. It’s one of those cases where the model not just makes perfect sense but has also been proven to be perfect unicorn material in faraway markets.
Nedin further added:
Aiming to invest in around 100 companies, at Vitosha we are interested in almost all verticals, and no doubt HR tech is a lucrative one, with companies experiencing increasing challenges to find talent and Europe being in front of a major demographic crisis.
The platform helps employers create exceptional benefits and rewards experiences, while reducing benefits administration, automating processes and improving the communication of their value proposition. It gives clients the possibility to decide on their own benefit offerings, to save time and to reduce administrative work. Re:benefit also gives employees the freedom to manage their benefits budget, according to their real needs and expectations.
Re:benefit claims to have doubled its user base. More than 30 companies trust its flexible perks solution and almost 60 benefit vendors have integrated their offerings in the platform.
The latest fundraising follows the rapid early-stage growth and product adoption of the HR management solution of Re:benefit in 2021 and 2022. Starting off with a non-existent user base in January 2021, the HR software company quickly gained traction and managed to close its first operating year with 5,000 employees.
