About Coverflex
Coverflex is a company based in Braga (Portugal) founded in 2019 by Luis Rocha, Rui Carvalho, Nuno Pinto, and Miguel Santo Amaro. It operates as a SaaS (Software-as-a-Service), and Subscription Services. Coverflex has raised $22.23 million across 2 funding rounds from investors including Stableton Financial, SCOR and Breega. Coverflex has completed 1 acquisition, including EatsReady. Coverflex offers products and services including Coverflex Wallet, Coverflex Meal, Coverflex Insurance, Coverflex Childcare, and Coverflex Flexpay. Coverflex operates in a competitive market with competitors including Gusto, Payflow, Konfío, Businessolver and Paylocity, among others.
- Headquarter Braga, Portugal
- Founders Luis Rocha, Rui Carvalho, Nuno Pinto, Miguel Santo Amaro
-
Sectors
Financial ServicesTechnology Healthcare
-
Email
***********
-
Phone
*********
-
Website
*********
-
Social
*********
- Legal Name Universal Cover, Sa
-
Annual Revenue
-
Net Profit
-
EBITDA
-
Total Equity Funding
$22.23 M (USD)
in 2 rounds
-
Latest Funding Round
$16.27 M (USD), Series A
Feb 01, 2023
-
Investors
Stableton Financial
& 14 more
-
Employee Count
Employee Count
- Investments & Acquisitions
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Products & Services of Coverflex
Coverflex offers a comprehensive portfolio of products and services, including Coverflex Wallet, Coverflex Meal, Coverflex Insurance, Coverflex Childcare, and Coverflex Flexpay. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Platform to manage multiple employee benefits efficiently.
Digital solution for managing meal vouchers sustainably.
Digital platform for managing employee insurance plans.
Digital childcare vouchers with low commission rates.
Tool for flexible salary transfers to employees.
Unlock access to complete
Funding Insights of Coverflex
Coverflex has successfully raised a total of $22.23M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $16.27 million completed in February 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series A — $16.3M
-
First Round
First Round
(14 Apr 2021)
- Investors Count 15
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2023 | Amount | Series A - Coverflex | Valuation | SCOR | |
| Apr, 2021 | Amount | Seed - Coverflex | Valuation | Breega |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Coverflex
Coverflex has secured backing from 15 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include Stableton Financial, SCOR and Breega. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Venture capital firm focused on pre-seed to early-stage investments
|
Founded Year | Domain | Location | |
|
Armilar Venture Partners is focused on early-stage tech investments.
|
Founded Year | Domain | Location | |
|
Early-stage venture capital investments are provided by Shilling VC.
|
Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
|
Founded Year | Domain | Location | |
|
Startup ecosystems are ignited through strategic investments by Signite Partners.
|
Founded Year | Domain | Location | |
|
Venture capital is directed toward companies in multiple sectors.
|
Founded Year | Domain | Location | |
|
Venture capital is invested in cybersecurity, fintech, and AI startups.
|
Founded Year | Domain | Location |
Investments & Acquisitions by Coverflex
Coverflex has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include EatsReady. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
|
Bionic investment advisor platform
|
2016 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
|
Restaurants are discovered and orders are placed online through EatsReady.
|
2017 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
|
OVO is recognized as a smart digital payment application.
|
2017 | ||||
|
Bionic investment advisor platform
|
2016 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 |
Financial Statements - Coverflex
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Coverflex Comparisons
Competitors of Coverflex
Coverflex operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Gusto, Payflow, Konfío, Businessolver and Paylocity, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Cloud-based HR and payroll solutions are offered for small businesses.
|
|
| domain | founded_year | HQ Location |
Payflow is recognized as a financial wellness application for employees.
|
|
| domain | founded_year | HQ Location |
Financial solutions platform provider
|
|
| domain | founded_year | HQ Location |
Cloud-based employee benefits administration solutions are delivered.
|
|
| domain | founded_year | HQ Location |
Cloud-based payroll and HR solutions are provided for businesses.
|
|
| domain | founded_year | HQ Location |
Benefits administration and payroll management are provided for businesses.
|
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
|
|
| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
|
|
| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
|
|
| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
|
Latest news on Coverflex
Frequently Asked Questions about Coverflex
When was Coverflex founded?
Coverflex was founded in 2019 and raised its 1st funding round 2 years after it was founded.
Where is Coverflex located?
Coverflex is headquartered in Braga, Portugal.
Who is the current CEO of Coverflex?
Miguel Santo Amaro is the current CEO of Coverflex. They have also founded this company.
Is Coverflex a funded company?
Coverflex is a funded company, having raised a total of $22.23M across 2 funding rounds to date. The company's 1st funding round was a Seed of $5.96M, raised on Apr 14, 2021.
What does Coverflex do?
Coverflex is established as a leading platform for managing flexible employee compensation in Portugal. It is utilized by companies of all sizes to offer benefits such as meal allowances, insurance, childcare vouchers, and salary flexibility through solutions like Flexpay. The platform is designed to serve various industries including technology, management, and consulting. Multiple benefits are centralized into a single card and app, enabling cost savings and tax optimization for both employers and employees. Insights and workflows are provided through Coverflex AI to enhance financial freedom for teams.
Who are the top competitors of Coverflex?
Coverflex's top competitors include Payflow, Gusto and Businessolver.
What products or services does Coverflex offer?
Coverflex offers Coverflex Wallet, Coverflex Meal, Coverflex Insurance, Coverflex Childcare, and Coverflex Flexpay.
How many acquisitions has Coverflex made?
Coverflex has made 1 acquisition, including EatsReady.
Who are Coverflex's investors?
Coverflex has 15 investors. Key investors include Stableton Financial, SCOR, Breega, Armilar Venture Partners, and Shilling VC.