Portuguese startup Coverflex closes €15m Series A round to expand its Compensation OS in Europe

Portuguese startup Coverflex closes €15m Series A round to expand its Compensation OS in Europe

Published: 01-02-2023 11:57:00 | By: Pie Kamau | hits: 2788 | Tags:

Portuguese startup Coverflex closed €15m Series A round, to expand its Compensation OS in yet another European market, the Italian one! This Series A funding round will support the Italian launch and consolidate Coverflex's market leader position in employee benefits management in Portugal. This new funding brings Coverflex's total investment to €20 million.

Led by SCOR Ventures, this round also had the participation from other prominent investors - BreegaMS&ADArmilarStabletonBiG Start Ventures and Shilling - as well as high-profile business angels Firmin Zocchetto (CEO at PayFit), Job van der Voort (CEO at Remote - existing customer), Humberto Ayres Pereira (CEO at Rows - existing customer), Alessandro Petazzi (Founder of Musement), Davide Dattoli (Founder of Talent Garden), Mats Diedrichsen (ex-CMO at DeliveryHero), Daniel Zbijowski (CMO at BUX), Lucas Lima (Founder of Luca Capital) and Nuno Job (CEO at Decipad), among others.

Will Thorne, Head, SCOR Ventures: “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.”

Coverflex’s 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.

Humberto Ayres Pereira, CEO, Rows: Coverflex enables Rows to offer a modern and efficient compensation package to our employees without complexity. As a company, we save time with Coverflex digital processes for HR and Finance/Accounting. Our employees maximise and personalise what they earn. I believe that Coverflex will become the preferred Bank for the employer-employee relationship, with clear advantages for both!”

Coverflex aggregates multiple providers and helps companies cut costs with tax-efficient benefits while giving employees more value and improving their financial literacy on compensation and benefits. Our personalised employee compensation service is designed to give its clients a competitive edge in attracting and retaining their most valuable asset, people.

Ben Marrel, Co-founder and CEO, Breega: “People are companies’ most valuable asset. In one of the most transformative and challenging markets of our time, Coverflex proved its market fit”. He adds that “two years ago we believed that Coverflex would be a game changer. Today, we know it is”.