Spanish employee benefits platform Cobee has raised €40 million in a Series B funding round as it looks to boost its domestic and international expansion.
Cobee was founded in 2019 by Borja Aranguren, Daniel Olea and Nacho Travesí and aims to improve the wellbeing of employees through work-related and leisure benefits, such as travel or restaurant vouchers.
UK fintech-focused investment firms Octopus Ventures and Notion Capital stumped up the cash for the Series B.
The firm says it will use the new funds to focus on trends in the corporate benefits market with the aim of expanding its range of offerings to become an employee benefits super-app.
The cash will also be used to grow its workforce to more than 200 people.
Cobee is also planning to expand throughout southern Europe and into Latin America, particularly Mexico.
CEO and co-founder Borja Aranguren says that despite the current market volatility, Cobee has performed well, tripling its business in the last 12 months.
“With this efficient growth, and the market opportunity that has been presented to us, we only needed the additional capital to capture the opportunity before anyone else,” Aranguren adds.
Cobee secured a €14 million round of funding in July last year.