Cobee raises €40M Series B to fuel international expansion

The round was led by Octopus and Notion, with participation from Speedinvest, Dila and Balderton – who previously led the company’s Series A in 2021.

Cobee, the Spanish start-up revolutionising benefits management, has closed a new €40 million series B round. Founded in 2019 by Borja Aranguren and Nacho Travesí, Cobee takes employee benefits management and salary sacrifice to another level with a 100% digital platform aimed at staff well-being.

The funding follows a period of impressive growth, with Cobee’s business volume increasing threefold over the past year despite a challenging macro environment. Looking ahead, the funds will be used to fuel Cobee’s continued international expansion, opening new markets in Southern Europe and Latin America, starting with Mexico. Cobee plans to increase its headcount to over 200 employees in the next 18 months, hiring in key regions including Spain, Portugal, Mexico and other markets across Southern Europe. 

For us, it’s very important that investors understand our market and share the vision of what we want to build. Both Octopus and Notion had previously considered other employee benefits startups in Europe, but could not get convinced. However, our vision matched perfectly with their thesis, so it’s been a perfect match. We have an outstanding combination of investment funds in Europe and Latam, which will unlock the potential in our target markets

Borja Aranguren Co-Founder & CEO, Cobee