Participated · Series A · Feb 2023

Coverflex offers a platform that aggregates multiple benefits providers to let employers design bespoke compensation packages — including health insurance, meal allowances, fringe benefits and discounts. The product aims to reduce employer costs through tax-efficient benefits while boosting employee value and financial literacy around compensation. Coverflex reports 3,600 clients and 70,000 active users who use the platform more than eight times per month on average. The company lists customers such as Santander, Natixis, OysterHR, Bolt, Emma, Revolut and Smartex. It plans to target Italy aggressively as a key European growth market. Coverflex recently completed a €15M Series A to support its expansion and product development. Coverflex is a Portugal-based HRtech founded in 2019 that provides a customisable "Compensation as a service" platform allowing employers to manage health insurance, meal allowances, fringe benefits, discount programmes and company-defined budgets. The service includes a VISA card and an app for employees to access those benefits and budgets. Coverflex positions its product as both a cost-saving administrative tool and a recruitment differentiator aimed at modernising rigid, one-size-fits-all compensation packages. Even at pre-seed stage the company has attracted notable clients including PwC, Bolt, Emma - The Sleep Company, Landing.Jobs, Startup Lisboa, Rows, Paul Stricker, Velocidi, Dott and Unbabel. The company raised €5 million in a pre-seed round led by Breega with participation from the 200M Fund and Portuguese angel investors. Coverflex says it will use the funding to support international rollout and recruitment efforts.