Italian HRtech startup Toduba has raised €3.5 million in a funding round led by P101 SGR.
The Turin-based scaleup is focused on employee welfare, offering companies a fully digital platform for end-to-end employee welfare management, including meal vouchers.
At the core of Toduba’s platform lies a proprietary transactional engine based on private blockchain technology, designed to ensure security, traceability, and maximum flexibility.
Benefits can be redeemed cumulatively, fractionally, and even down to the cent – offering a uniquely flexible payment solution in the European fintech landscape.
Via an all-in-one app, companies can seamlessly provide all major benefits, fully customisable to employee needs and compliant with current regulations. For employees, the user experience is intuitive and engaging: individuals can activate their favourite shops and restaurants directly within the app, strengthening ties with local communities and promoting a more decentralised, territorial and inclusive welfare model.
The platform is also available in PaaS (Platform as a Service) mode adopted by leading players in the welfare and HR sectors.
In just three years, Toduba revenue surged from €1.6 million in 2022 to €41.7 million in 2024, with more than 150,000 active users on the platform. Toduba counts on a network of 30,000 affiliated merchants and agreements with 80 per cent per cent of Italy’s major large-scale retail distribution.
The company serves around 2,000 businesses, mostly SMEs, and collaborates with top-tier partners such as WTW, Randstad, DoubleYou, and Happily, who use its platform in PaaS mode to enhance their service offerings.
In Italy only 18 per cent of companies currently offer structured welfare programmes, compared to 48 per cent in France. Yet regulatory and fiscal reforms are paving the way for digital, transparent solutions – signalling significant growth potential.
The opportunity ahead is vast. In Italy, the meal voucher market alone is worth over €4 billion, with potential exceeding €33 billion.
Gianluca Enrietti, CEO and co-founder of Toduba, commented:
“We are proud to have P101 on board as we enter this new growth phase. Their support confirms that Toduba’s open and scalable model is the right answer to a rapidly evolving welfare landscape – one that is increasingly transparent, flexible, and locally rooted.
With our proprietary technology, we have built a truly people-centric welfare platform.
Now, with the new capital injection, we are ready to take our unique model to Europe.”
With this new deal, P101 SGR has completed its thirteenth investment through Programma 103 and Azimut ELTIF Venture Capital P103. Programma 103 is backed by the European Union via the InvestEU Fund and by CDP Venture Capital SGR through the Digital Transition Fund – PNRR, which leverages EU resources from the NextGeneration EU initiative to support the digital transformation of SMEs.
P101 joins previous investors who supported Toduba’s vision, including CDP Venture Capital SGR through its Fondo Rilancio Startup.
“We strongly believe in Toduba’s potential. The company brings genuine innovation to the traditional corporate welfare space via its proprietary tech and human-centric approach,” said Alessandro Tavecchio, Partner at P101.
“With strong traction and a fast-growing market, Toduba is well-positioned to lead the next phase of welfare transformation.
The Italian market still shows huge whitespace, while businesses and public institutions are becoming increasingly aware of its strategic and social value, with regulations growing more favourable.”
The new funding will be used to expand Toduba’s product portfolio, strengthen its merchant network, accelerate both organic growth and M&A activity, introduce complementary services in the flexible benefits space, and kick off its international expansion.
Lead image: Gianluca Enrietti, CEO and co-founder of Toduba. Photo: uncredited.
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