A new chapter: Coverflex raises Series A round of 15 million euros as it takes next step into European expansion | Coverflex Blog
Summary
Coverflex empowers companies and staff to deliver this ambition, says Will Thorne, Head of SCOR Ventures.Our Series A funding round will support the Italian launch and consolidate our market leader position in employee benefits management in Portugal. \U0001f973The road so farCoverflexs all-in-one platform makes it possible for any company, of any size, to design, consolidate and personalise their compensation offers with health insurance, meal allowance, fringe benefits and discounts. This funding round will allow us to continue growing our team to more than 150 Coverflexers by the end of 2023, mainly in our product, sales and engineering teams.The booming employee benefits & well-being market is now worth 200 billion, with Europe representing more than 40%. This round confirms that our focus on adapting human resources processes to the current demand for a more personalised compensation experience is more than relevant today.After revolutionising the Portuguese market by changing the way compensation is understood, offered, managed and spent, Coverflex is now seeking to disrupt the meal voucher (buoni pasto) and welfare market in Italy, with the launch of a platform with low, sustainable merchant fees to bars, supermarkets and restaurants. Current providers charge high commissions and pay in 60-90 days, which leads to restaurants and supermarkets opting out of the system says Chiara Bassi, Country Manager - Italy at Coverflex.