Madrid-based Cobee, an online platform that automates and simplifies employee benefits management, announced that it has closed €40M in its Series B round of funding.
The investment was led by the British investment funds Octopus Ventures and Notion Capital. Additionally, existing investors Balderton Capital, Speedinvest and Dila Capital also participated in this round.
Cobee receives the funds after making three times as many sales in a single year as a result of the product upgrades that have allowed the company to grow sustainably.
Cobee will be able to grow its present business in Spain and Portugal as well as enter new markets.
The company starts its internationalization to Latin America in one of the biggest markets in the region Mexico.
Founded in 2019 by Borja Aranguren and Nacho Travesí, Cobee claims to take employee benefits management and salary sacrifice to another level with a 100 percent digital platform aimed at staff wellbeing.
Both businesses and individuals can use all of the services on the website and their mobile app, without any hassles or middlemen.
The HR departments are equipped with a compensation tool that substantially lowers administration and paperwork while enhancing employer branding for the business.
In return, employees can access and take advantage of all perks whenever and wherever they want, using a single card, and can also view their transactions and savings in real-time.
Since its inception, Cobee has worked in Spain with companies such as Ogilvy, Booking, Workday, N26, JTI, Job & Talent, Avis, Línea Directa, Michelin, and Glovo. In 2021, it expanded its services to Portugal, where it has already acquired a wide range of clients.