Toduba, a Turin-based firm innovating the worker welfare panorama by leveraging a proprietary, cloud-native know-how platform, has raised €3.5 million to increase their product portfolio, strengthen its service provider community, and introduce complementary companies.
The funding was offered by P101 SGR, finalising their thirteenth funding through Programma 103 and Azimut Eltif Enterprise Capital P103. P101 joins earlier traders who supported Toduba’s imaginative and prescient, together with CDP Enterprise Capital SGR by its Fondo Rilancio Startup.
Gianluca Enrietti, CEO and Co-founder of Toduba, mentioned: “We’re proud to have P101 on board as we enter this new progress section. Their help confirms that Toduba’s open and scalable mannequin is the proper reply to a quickly evolving welfare panorama – one that’s more and more clear, versatile, and regionally rooted. With our proprietary know-how, we’ve got constructed a really people-centric welfare platform. Now, with the brand new capital injection, we’re able to take our distinctive mannequin to Europe.”
Based in 2017 by Gianluca Enrietti and Bruno Cavigioli to simplify and democratise entry to company advantages, Toduba operations started in 2020 by digitising solidarity vouchers issued by Italian municipalities in the course of the COVID-19 pandemic.
Todoba gives corporations a totally digital platform for end-to-end worker welfare administration. On the core of Toduba’s platform lies a proprietary transactional engine based mostly on personal blockchain know-how, designed to make sure safety, traceability, and suppleness. Advantages may be redeemed cumulatively, fractionally, and even all the way down to the cent.
By way of an all-in-one app, corporations can reportedly seamlessly present all main advantages, totally customisable to worker wants and compliant with present rules. People can activate their favorite retailers and eating places straight throughout the app.
In three years, Todoba income surged from €1.6 million in 2022 to €41.7 million in 2024, with greater than 150,000 lively customers on the platform. Toduba counts on a community of 30,000 affiliated retailers and agreements with 80% of Italy’s main large-scale retail distribution. The corporate serves round 2,000 companies, largely SMEs, and collaborates with companions akin to WTW, Randstad, and Fortunately.
The brand new funding might be used to increase Toduba’s product portfolio, strengthen its service provider community, speed up each natural progress and M&A exercise, introduce complementary companies within the versatile advantages area, and kick off its worldwide enlargement.
“We strongly imagine in Toduba’s potential. The corporate brings real innovation to the standard company welfare area through its proprietary tech and human-centric strategy” mentioned Alessandro Tavecchio, Companion at P101. “With a robust traction and a fast-growing market, Toduba is properly positioned to guide the following section of welfare transformation. Italian market nonetheless exhibits big whitespace, whereas companies and public establishments have gotten more and more conscious of its strategic and social worth, with rules rising extra beneficial. We’ll help Toduba with our expertise, community, and assets, assured in its skill to grab the chance on this fast-evolving market.”
The funding comes at a pivotal time for the worker welfare sector, which is more and more seen as a strategic asset supporting employee wellbeing and boosting company competitiveness.
In accordance with P101, the market is being reshaped by main adjustments on this planet of labor, pushing corporations to rethink their social position. Inside this “future of labor” situation, the demand for digital, versatile, and customisable options is rising. In Italy, the market continues to be rising: solely 18% of corporations presently provide structured welfare programmes, in comparison with 48% in France.
In Italy, the meal voucher market alone is price over €4 billion, with potential exceeding €33 billion. The company welfare section is valued at €5 billion however may develop by an additional €27 billion. In the meantime, the reward card sector is forecast to develop 14% yearly, reaching €16 billion by 2028 – all in line with knowledge offered by P101.
