Cobee raises €14 million to double down on its mission to improve compensation for employees
We are delighted to announce that we have raised a Series A round of financing for 14 million euros to continue with the objective set by us just over two years ago: improving employees’ wellbeing.
In this new stage, we are fortunate enough to be supported by Balderton Capital, the top European venture capital firm, which will lead during this new round. The British fund has extensive experience in supporting successful software companies such as Aircall, Contentful, Peakon and Tessian. Undoubtedly, we are extremely proud to be able to count on their support and experience.
Furthermore, the round includes renowned Business Angels with top roles in Zalando, N26, Uber or Gympass, amongst others. Also involved is the consultancy firm Invested, founded by Noor van Boven and Anna Brandt, Human Resources ex-leaders in companies such as Uber, N26, Zalando and SoundCloud, and a Bitpanda and Gorillas investor. Previous investors are also renewing their commitment to the Seed round, Speedinvest and Target Global, and to the pre-seed round, Encomenda and Lanai.
Flexible, innovative and customised benefits
Our story begins in 2019, when Borja Aranguren, Daniel Olea and Nacho Travesí founded Cobee, whose mission was to improve employees’ wellbeing with a range of flexible and innovative benefits that are easy to understand. The initial proposal always endeavoured to put employees first and turn their compensation into a complete experience in the company, beyond a simple monthly transaction.
That is why, at Cobee, we place the benefits most in demand by employees on a single, fully digital platform, so that they can choose what they require at any given time and according to their needs.
Borja, Cobee co-founder and CEO, believes that “for employees, their salary is their largest income, although the financial relationship between employee and company is not satisfactory for anyone. Starting with flexible salary and employee benefits, we want to give employees a better experience in terms of their compensation. Sometimes, it is simply a matter of offering an option that is easy to understand, but in other cases new services and products need to be included that improve our daily lives. This round will enable us to continue to be committed to employees and facilitate the task of Human Resources teams in supporting them.”
Since the start of this adventure, the number of companies that have joined Cobee has continued to grow, and today we are extremely proud to count on the support of companies such as Ogilvy, Group M, Línea Directa, Glovo, Avis, Tripadvisor, N26 or Booking. Plus, many more companies in Spain and Portugal, perhaps less well known but which have nevertheless helped us to grow and improve. Thank you everyone for having trusted us and continuing to do so every day.
A better product, new benefits and more employee experience
With the support of this new capital, at Cobee, we will continue to improve the user experience for both companies and workers by enhancing our platform and adding new benefits.
In this way, we want to duplicate the current portfolio through a strong commitment to financial products and services related to health and wellbeing, including new benefits such as gyms, mental health support, wellness programmes, entertainment platforms and much more, all designed with the purpose of satisfying the growing needs of companies seeking ways to improve and customise their compensation packages.
As Borja explains: “We want to maintain growth by anticipating employee requirements in terms of both benefits and new product features. For this, we are going to invest heavily in technology and duplicate the team again with top professionals in all areas”. In 2020, and in spite of the pandemic, we saw how our staff doubled and we expect our team to continue growing at the same pace until the end of the year.
Guarantee employee wellbeing
Looking back, we are fascinated to see how this new 100% digital and flexible compensation category that once seemed like a dream is today a unique reality in Europe.
We want to keep moving forward without reducing the focus on employees. They must be the true centre of digital transformation and the improving of their wellbeing an accessible objective for all companies. As Borja says, “the Covid-19 crisis and teleworking have accelerated everything. The urgent need for digitalisation has put Human Resources departments in an unprecedented situation in search of digital transformation focused on the wellbeing of their employees”.
Suranga Chandratillake, General Partner at Balderton, believes that “today, employees are the most important resource for companies. Ensuring their wellbeing and position in the company is therefore a key priority. Providing them with a wide and accessible variety of benefits that they can use every day is crucial for everyone who wants to attract and retain the best talent. Cobee makes this possible and does so through a full catalogue of benefits and in a more global way than any next-generation platform today”.
We are excited about having got this far.
For the support of investors, the trust placed in us by clients and the support of all employees: our HEARTFELT thanks.
For our team and every person who is part of the small great Cobee family: our DEEPEST thanks. For your perseverance and your enthusiasm. Without you, we would not be here today.
Want to join the Cobee family? We’re hiring!