Employee benefits platform Cobee raises €14 million

Madrid-based employee benefits platform Cobee has raised €14 million in a Series A round. The service allows employees easy access to company perks via their mobile, while employers gain the ability to individually tailor benefits packages. With the new funding, Cobee plans further European market expansion, as well as increasing the number of benefits available to customers.

Within three years since its founding Cobee counts Glovo, Petronas, Avis, Tripadvisor, N26, and Booking.com amongst its client base in Spain. At the beginning of this year, the company made the bold move of expanding to Portugal, a decision that’s paying off handsomely. When compared to Spain, Cobee reports faster growth in Portugal amongst larger-sized firms.

In addition to eyeballing additional European markets, Cobee is placing a specific focus on doubling the portfolio of benefits on offer. Financial products and health and well-being top the list.

The startup’s Series A round was led by Balderton Capital and saw follow-on investment from Speedinvest, Target Global, Encomenda, and Lanai. A number of undisclosed angel investors also participated.

Balderton’s Suranga Chandratillake comments, “Employees are the most important resource for companies today, so ensuring their wellbeing and retention is a critical priority. 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 does it across a broader range of benefits and in a more global way than any other next-generation platform today.”