Innovation

Startup incubated in UPTEC raises five million euros in pre-seed funding

  • Article

    Article

#fib_telemovel.jpg

Filipa Brito

The startup incubated in UPTEC, Coverflex managed to secure the biggest investment round ever during the pre-seed funding, which is an early funding round in which investors provide a startup business with capital to develop its product. One of the goals of such project is to “change the way companies and workers view compensations beyond salaries”, as well as “increasing team retention”, writes Dinheiro Vivo, quoting coverflex’s news release. This product can be utilized by big, medium and small companies alike.

Coverflex, a startup that was incubated at UPTEC - Science and Technology Park of Porto, managed to secure a pre-seed funding of five million euros. The pre-seed founding was secured by the French venture capital company Breega (a first investment in Portugal), the Portuguese co-investment Fund and other national investors. The company launched a product that is both beneficial to employees and companies last January, and its founders have already set their business goals: to expand their business into the Spanish market and to double the number of collaborators by the end of the year.

Coverflex offers a product that is based on a new concept of employee compensation and benefits that meets both the workers and company’s needs. As stated in an interview to Dinheiro Vivo, Coverflex offers the solution to all companies of all sizes, when it comes to defining benefits and goals. The company has been working on this product since 2019, assessing all the tax, legal and work implications of this product; also, the product that is described as “a compensation as a service”, offered by Coverflex is being used by companies and collaborators since January 2021.

With these goals in mind and with over 150 clients and three thousand users, Coverflex intends to expand its staff and hire another 30 people, especially in the areas of product, engineering and design.

The startup was founded by Miguel Santo Amaro (ex-Uniplaces), Nuno Pinto (ex-Kide), Rui Carvalho (ex-Unbabel) and Luís Rocha (ex-TUI Musement).

Coverflex was part of the list of the 30 best startups that innovate and optimize the financial system services, by Portugal Fintechs.