This website stores cookies on your computer. These cookies are used to improve your website experience and provide more personalized services to you, both on this website and through other media.
Accept
EdTechReviewEdTechReview
  • News
  • Trends
  • Insight
  • eLearning
  • Research
  • Dictionary
  • EdTech Voices
  • Explore
    • Data & Statistics
    • Reviews
    • AWS for Education
    • Events

    Resources

    • Infographics
    • Reports & Case Studies
    • Videos
    • Books
    • Webinar

    Needs

    • 1:1 Learning
    • 21st Century Education
    • 21st Century Leadership
    • 21st Century Learning
    • 21st Century Teaching
    • 3D Printing
    • More Tags

    For

    • Students
    • Teachers/Educators
    • Administrators
    • Entrepreneurs/Startups
    • Govt. Officials/Policymakers
    • Parents

Contribute

  • Submit A Post
  • EdTech Trainers and Consultants
  • Your Campus EdTech
  • Your EdTech Product
  • Your Feedback
  • Your Love for Us
  • EdTech Product Reviews

ETR Resources

  • About
  • Mission/Vision
  • Team
  • Services
  • Testimonials
  • Authors
  • Sponsor
  • Partner
  • Advertise
  • Our Clients
  • Media Kit
  • Press Release
  • FAQ’S
Reading: Portuguese Employee Benefits Platform Coverflex Raises $16.3M in Series A Round
Aa
EdTechReviewEdTechReview
Aa
  • News
  • Trends
  • Insight
  • eLearning
  • Reviews
  • Dictionary
  • EdTech Voices
  • Data & Statistics
  • Research
  • AWS for Education
  • Events
  • Voices
  • Tags
  • About
  • Contribute
  • FAQ’S
  • Our Clients
  • Partner
Follow US
Home > News > Portuguese Employee Benefits Platform Coverflex Raises $16.3M in Series A Round
News

Portuguese Employee Benefits Platform Coverflex Raises $16.3M in Series A Round

Shalini-pathak
Shalini Pathak Published Feb 3, 2023
Share
4 Min Read
Coverflex-raises-3m-in-series-a-round
Portuguese Employee Benefits Platform Coverflex Raises $16.3M in Series A Round
SHARE

Coverflex, a Portugal-based employee benefits platform, recently announced that it has raised $16.3 million (€15 million) in its Series A round led by SCOR Ventures. The round was also joined by Breega, Armilar, Stableton, BiG Start Ventures, Shilling, MS&AD and a number of angel investors. The company plan to utilize the funds to continue growing its team to more than 150 by the end of 2023, mainly in its product, sales and engineering teams. In addition, the funding will support its launch in Italy and consolidate its position in the employee benefits management space.

AdvertisementWhy this Ad?

Founded in 2019 by Luís Rocha, Miguel Santo Amaro, Nuno Pinto, and Rui Carvalho, Coverflex is a compensation solution that combines every part of employee compensation beyond salary. It’s Compensation OS, aggregates multiple insurance and benefits providers to offer personalized and tax-efficient packages to their employees. It also provides a Visa card for its customers’ employees. The startup is on a mission to improve the way companies compensate their people, making it more transparent, flexible and accessible for everyone to make the most of what they get. The all-in-one platform enables any company of any size to design, consolidate and personalize their compensation offers with health insurance, meal allowance, fringe benefits and discounts.

Commenting on the fundraising, Chief Executive Officer of Coverflex, Miguel Amaro, said:

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. This round confirms that our focus on adapting human resources processes to the current demand for a more personalized compensation experience is more than relevant today.

Since its launch, Coverflex has been implemented in more than 3600 companies, streamlining HR processes for Santander, Natixis, OysterHR, Bolt, Emma, Revolut and Smartex. It’s reported to have over 400% growth year-on-year, which is impressive for such a young startup. Currently, the HRTech startup has around 70,000 active users, who use the platform more than 8 times on average per month; it has processed more than €80 million to their customers’ employees’ wallets.

Will Thorne, Head of SCOR Ventures who joins the company’s board, added:

At SCOR Ventures, our top priority is to build a diverse portfolio of innovative solutions solving risk for individuals, businesses, and our planet. We believe employers have an opportunity to reshape employee benefits management and improve employee satisfaction while closing the care and protection gap using a new generation of tools and services. Coverflex empowers companies and staff to deliver this ambition.

Adding further about the growth of the company, Country Manager – Italy, Coverflex: Chiara Bassi, said:

In Italy, fees go up to 20% per transaction, the highest in Europe for this kind of market. Current providers charge high commissions and pay in 60-90 days, which leads to restaurants and supermarkets opting out of the system. Fewer options equals lower satisfaction for employees, which is why this is a huge opportunity to disrupt the market.

TAGGED: Employee Benefits, Hiring, HRTech, Online Recruitment
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Reddit Telegram Email Copy Link
Shalini-pathak
Posted by Shalini Pathak
Follow:
Shalini Pathak is a Staff Writer at EdTechReview (ETR) - India's leading edtech media & community. She has over four years of experience in media, covering different beats. Like all writers she's an enthusiastic reader first with a passion to create out of the box content, and an ability to write about any topic. As a part of the ETR team, she will cover the latest in the edtech industry with a focus on edtech startup stories and their funding.
Previous Article Education-stakeholders-reacting-to-the-union-budget How Are Education Stakeholders Reacting to the Union Budget
Next Article Meadow-raises-m-in-seed-round College Tuition Tracking Platform Meadow Raises $3.5M in Seed Round
AdvertisementWhy this Ad?

Latest EdTech News To Your Inbox

Stay Connected

Facebook Twitter Youtube Instagram Linkedin
AdvertisementWhy this Ad?

Latest Post

Verizon India & Nirmaan Organisation Launch First-of-its-kind Mobile Career Counselling Lab in Telangana
Verizon India & Nirmaan Organisation Launch First-of-its-kind Mobile Career Counselling Lab in Telangana
News Mar 25, 2023
Discovery-education-partners-with-norton
Discovery Education Partners With Norton to Launch New Digital Citizenship Resources
News Mar 25, 2023
Teaching Strategies for Auditory Learners
Teaching Strategies For Auditory Learners
Insight Mar 24, 2023
Pi Day: Fun Problems to Solve with Your Family
Pi Day: Fun Problems to Solve With Your Family
Insight Mar 24, 2023
AdvertisementWhy this Ad?

Latest EdTech News To Your Inbox

Stay Connected

Facebook Twitter Youtube Instagram Linkedin
AdvertisementWhy this Ad?

You Might Also Like

Verizon India & Nirmaan Organisation Launch First-of-its-kind Mobile Career Counselling Lab in Telangana
News

Verizon India & Nirmaan Organisation Launch First-of-its-kind Mobile Career Counselling Lab in Telangana

Mar 25, 2023
Discovery-education-partners-with-norton
News

Discovery Education Partners With Norton to Launch New Digital Citizenship Resources

Mar 25, 2023
Zeeko-partners-with-next-education
News

Irish EdTech Zeeko Partners With Next Education for ‘Magical Leaders’ Programme

Mar 24, 2023
Eyouth-collaborates-with-imocha
News

EYouth Collaborates With iMocha to Support User’s Learning Journey

Mar 24, 2023
Altschool-africa-partners-with-openlabs-ghana
News

AltSchool Africa Partners With OpenLabs Ghana to Offer Access to Curriculum, Infrastructure

Mar 24, 2023
Ib-global-conference-adelaide-2023
News

IB Global Conference Adelaide 2023: Education for an Inclusive Future

Mar 23, 2023
Gems-education-launches-youth-accelerator-programme
News

GEMS Education Launches Free Youth Accelerator Programme in Support of Student Entrepreneurs

Mar 23, 2023
Rippling-raises-0m
News

Workforce Management Platform Rippling Raises $500M in Series E Financing Round

Mar 23, 2023
Show More
EdTechReviewEdTechReview

H433, 2nd Floor, Vikaspuri, New Delhi, India, 110018
Phone: 011 41321030

Follow US

Copyright © EdTechReview. All Rights Reserved.

  • Home
  • Advertise
  • Event Associations
  • Press Release
  • About
  • Services
  • Contribute
  • News
  • Trend & Insight
  • Data & Statistics
  • eLearning
  • Reviews
  • Research
  • Voices
  • Dictionary
  • Tags
  • Resources
  • Events
  • Courses
  • Submit Your EdTech Product for Review
  • Our Clients
  • FAQ’S
  • Contact Us
  • Important Links
  • Sitemap
  • Terms of Use
  • Privacy Policy
Join 100K+ subscribers!

Subscribe to our weekly newsletter that brings the latest EdTech news, trends, insights, reports, interviews, etc. for educators, school leaders, entrepreneurs, investors, & others.

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?