The pandemic has actually pushed employees to rethink what they want out of their job.
Many are no longer content to work long hours at the detriment of their mental health, or work for companies that do not invest in their learning and development.
Therefore, to retain staff, as well as win the war for new talent, many companies have started to rethink their benefits packages.
As a result, it is no surprise that employee benefits management solutions are attracting investment.
The latest to raise capital is European Cobee, which has raised €14 million in a Series A round led by Balderton Capital.
Previous investors, including SpeedInvest, Target Global, Encomenda and Lanai, also participated; as did angels from Zalando, N26 and Uber.
Founded in 2019 by three entrepreneurs – Borja Aranguren, Daniel Olea and Nacho Travesí – Cobee helps companies to offer flexible benefits – ranging from transport to insurance to childcare to housing – to their employees using its app and Cobee card.
The aim is to allow employees to track the monetary advantage of relying on these perks, which Cobee believes helps with employee satisfaction and engagement with the package.
Cobee currently supports companies like TripAdvisor, Globo, Avis, WPP and Booking.com with their employee benefits packages.
Cobee plans to use the funding to improve its offerings, integrate new benefits offerings, particularly those linked with financial products and wellbeing, as well as further help companies to produce bespoke, personalized benefits packages.
Talking about the news, Aranguren, who serves as CEO of Cobee, said: “Attracting great talent isn’t just about offering a competitive salary, employees are increasingly interested in workplace benefits too.
“We’ve built Cobee to provide the best possible experience for employees, giving them more access and control over their compensation and empowering them to use these critical benefits.
“We’re delighted to have the support of Balderton Capital.”
Balderton Capital general partner Suranga Chandratillake added:
“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.”