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 develop their product portfolio, strengthen its service provider community, and introduce complementary providers.
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 way of 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 assist confirms that Toduba’s open and scalable mannequin is the appropriate reply to a quickly evolving welfare panorama – one that’s more and more clear, versatile, and domestically rooted. With our proprietary know-how, now we have 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 throughout the COVID-19 pandemic.
Todoba provides corporations 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 personal blockchain know-how, designed to make sure safety, traceability, and suppleness. Advantages could be redeemed cumulatively, fractionally, and even all the way down to the cent.
Through an all-in-one app, corporations can reportedly seamlessly present all main advantages, absolutely 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, principally SMEs, and collaborates with companions similar to WTW, Randstad, and Fortunately.
The brand new funding will likely be used to develop Toduba’s product portfolio, strengthen its service provider community, speed up each natural development and M&A exercise, introduce complementary providers within the versatile advantages house, and kick off its worldwide enlargement.
“We strongly imagine in Toduba’s potential. The corporate brings real innovation to the normal company welfare house through its proprietary tech and human-centric strategy” mentioned Alessandro Tavecchio, Accomplice at P101. “With a powerful traction and a fast-growing market, Toduba is effectively positioned to guide 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 assist Toduba with our expertise, community, and sources, assured in its capability 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 modifications on the planet of labor, pushing corporations to rethink their social function. Inside this “future of labor” state of affairs, the demand for digital, versatile, and customisable options is rising. In Italy, the market continues to be rising: solely 18% of corporations presently 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 may 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 in keeping with knowledge offered by P101.
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