Toduba, a Turin-based firm innovating the worker welfare panorama by leveraging a proprietary, cloud-native expertise platform, has raised €3.5 million to develop their product portfolio, strengthen its service provider community, and introduce complementary companies.
The funding was supplied 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 development section. Their help confirms that Toduba’s open and scalable mannequin is the precise reply to a quickly evolving welfare panorama – one that’s more and more clear, versatile, and regionally rooted. With our proprietary expertise, 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 provides firms a completely digital platform for end-to-end worker welfare administration. On the core of Toduba’s platform lies a proprietary transactional engine primarily based on non-public blockchain expertise, 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, firms can reportedly seamlessly present all main advantages, totally customisable to worker wants and compliant with present rules. People can activate their favorite outlets 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 energetic 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 reminiscent of WTW, Randstad, and Fortunately.
The brand new funding shall be used to develop Toduba’s product portfolio, strengthen its service provider community, speed up each natural development and M&A exercise, introduce complementary companies within the versatile advantages area, and kick off its worldwide enlargement.
“We strongly consider in Toduba’s potential. The corporate brings real innovation to the normal company welfare area through its proprietary tech and human-centric method” mentioned Alessandro Tavecchio, Accomplice at P101. “With a robust traction and a fast-growing market, Toduba is effectively positioned to steer the following section of welfare transformation. Italian market nonetheless reveals enormous whitespace, whereas companies and public establishments have gotten more and more conscious of its strategic and social worth, with rules rising extra beneficial. We are going to help Toduba with our expertise, community, and sources, assured in its means 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 response to P101, the market is being reshaped by main modifications on this planet of labor, pushing firms to rethink their social position. Inside this “future of labor” state of affairs, the demand for digital, versatile, and customisable options is rising. In Italy, the market remains to be rising: solely 18% of firms at present supply 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 might develop by an additional €27 billion. In the meantime, the present card sector is forecast to develop 14% yearly, reaching €16 billion by 2028 – all based on information supplied by P101.