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Balderton Capital leads €14M investment in Spanish fintech Cobee to transform employee benefits

Cobee

The Coronavirus pandemic caused a new wave of changes to the way we work, among other things. The  human resources department in Most companies quickly pivoted to hire talent remotely and a similar transformation has happened to employee benefits. To keep up with the times, Spain-based Cobee offers an employee benefits management digital platform and the company has now raised a notable €14 million series A funding from UK-based Balderton Capital.

Funding details

The latest funding round for Cobee was led by the leading European venture capital firm Balderton Capital, alongside Invested. Previous investors in the company, SpeedInvest, Target Global, Encomenda and Lanai, joined the round as well, along with angels from Zalando, N26, Uber and Gympass. 

This funding round will help the startup accelerate its expansion across Europe and double what it currently offers in its benefits portfolio. It plans to introduce some new benefits, which are touted to have a greater focus on financial products and services, as well as adding more wellbeing perks such as wellness programmes and entertainment platforms. Cobee says it doubled its workforce since 2020 and it now plans to grow its team further, throughout this year.  

Suranga Chandratillake, General Partner at Balderton Capital, says, “Employees are the most important resource for companies today, so ensuring that they are happy and engaged results in higher retention rates. Providing them with a rich, easily accessible and reportable array of benefits that they can use every day is key for anyone looking to acquire and retain great talent. Cobee makes this possible and offers more benefits, in more territories, than any other next-generation platform today.”

Better benefits, happier employees

Spain-based Cobee was founded in 2019 by Borja Aranguren, Daniel Olea and Nacho Travesí. Its mission is to improve employee wellbeing and it offers numerous ways to do just that. The startups’ employee benefit management platform offers a notable range of benefits for staff such as gym access, insurance products, perks,and vouchers. It bundles all these benefits into one app, which removes the need to fragment it across intranet pages and HR documents. 

An employee can redeem these benefits via a Cobee card, which allows them to track the monetary benefit they receive. Post-pandemic, companies are shifting their focus to spend more on healthcare and better investment into upskilling their employees. The startup offers an easier means to accomplish that. Glovo, Petronas, Avis and Tripadvisor are some notable Cobee clients.

Co-founder and CEO of Cobee, Borja Aranguren, says, “Attracting great talent isn’t just about offering a competitive salary, employees are increasingly interested in workplace benefits too. We’re delighted to have the support of Balderton Capital and will use the funding to continue to invest in our platform and help HR teams across Europe improve staff loyalty and attract the very best talent.”