Cobee, a Madrid-based employee benefits platform, has raised €40m in capital to develop its staff wellbeing platform.
Accrording to a report from EU Startups, the round was led by Octopus Ventures and Notion Capital.
Balderton Capital, Speedinvest and Dila Capital, which have participated in previous rounds, also strengthen their investments in the round.
The investment comes after a year of sustainable growth for Cobee which has seen the company multiply its business three-fold in one year
This adds to a €14m to Cobee’s raise last year.
Founded in 2019, Cobee offers a 100% digital platform aimed at staff wellbeing and taking employee benefits management and salary sacrifice to another level.
Cobee provides a flexible employee benefits management platform that brings benefits to staff, from gyms to insurance products and vouchers.
On the dashboard, both companies and people can access all services on the website and their mobile phone app, without intermediaries or complications. The benefits are all pulled into one place which staff can then redeem via the Cobee card.
Cobee said the capital will be used to further develop its current business in Spain and Portugal as well as expand into new markets.
Borja Aranguren, co-founder and CEO of Cobee, said, “For us, it’s very important that investors understand our market and share the vision of what we want to build. Both Octopus and Notion had previously considered other employee benefits startups in Europe, but could not get convinced.
“However, our vision matched perfectly with their thesis, so it’s been a perfect match. We have an outstanding combination of investment funds in Europe and Latam, which will unlock the potential in our target markets.”
Earlier this month, Pasito, an employee benefits tech startup, raised $3.25m in seed funding to simplify health and wealth benefits.
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