Coverflex, which helps companies offer compensation to employees, has reportedly collected €5m in its pre-seed funding round.
The round was led by Breega, with commitments also coming from 200M Fund and several unnamed Portuguese angel investors, according to a report from Tech.eu.
With the close of the round, the company hopes to continue its international rollout and hire more staff.
The Portugal-based company, which was founded in 2019, provides businesses with compensation management tools. Its product lets employees pick three benefits they would like to receive, including insurance, discounts and meal allowances.
Coverflex CEO and co-founder Miguel Amaro told Tech.eu, “The way we work is changing, but compensation, salary, bonus, equity, and benefits, has not evolved for decades. The current rigid, one-size-fits-all approach is outdated and fails to satisfy the needs of the modern workforce.
“As entrepreneurs, having built and directed companies in different industries, we came up against the same problems time and again when dealing with employee compensation: multiple providers, a lack of transparency, reliable information, and flexibility created a less than optimal experience for both us as employers and our teams.”
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