Portugal-based Coverflex, an all-in-one platform that enables companies to design and personalise compensation offers, announced on Tuesday that it has acquired EatsReady, a digital-only meal solution in Italy.
This marks the fourth acquisition for Coverflex since its launch in 2021 and the first in Italy.
The announcement comes a month after raising €15M in a Series A round of funding.
EatsReady: Digital meal voucher platform
Founded in 2017 by Olivia Burgio and Micaela Illy, EatsReady issues meal vouchers and enables users to discover the best local restaurants, browse menus, receive premium offers, and pay & collect using fast-track technology.
In 2022, EatsReady generated €1.8M in gross revenue at break-even. The Italian firm also raised VC rounds from GELLIFY, Copernion, and Timelock Ventures.
EatsReady has more than 50 active corporate clients with reference clients like Treatwell, Klarna, and Telepass using an active merchant network of more than 2,000 independent restaurants, restaurant chains, supermarket chains, and online delivery services, including Esselunga, Poke House, and Deliveroo.
Aim of the acquisition
Supported by CEO Nicola Faedi and the team, Eatsready is now fully integrated into Coverflex operations.
The Portugal company intends to utilise EatsReady’s position in the employee benefits market in Italy to fasten the growth of its rapidly expanding range of services. The goal is to address the rising demand among businesses to improve their employees’ loyalty, motivation, and purchasing power.
“This acquisition represents a key milestone for our team and a major turning point in our journey,” says Olivia Burgio, co-founder of EatsReady and now Head of M&A & Integrations at Coverflex.
She adds, “Over the last few years, we have built a solid platform that represents a strategic entry point for Coverflex’s development in the Italian market. As an entrepreneur, I recognise the potential to join forces with an international and fast-growing team by pooling strengths, skills, and market knowledge.”
She continues, “This transaction also represents how the Italian startup ecosystem can attract interest from international players to unlock new market opportunities. I am proud of the results achieved by the EatsReady team and am looking forward to sharing our future endeavours within Coverflex.”
The acquisition of EatsReady’s meal voucher licence from MISE has enabled Coverflex to be part of the exclusive group of only ten companies in Italy that can operate in the ‘buoni pasto’ market.
Throughout 2023, Coverflex will migrate all EatsReady clients to its own welfare platform.
Chiara Bassi, leading Coverflex in Italy, says, “Knowledge of the industry, the solid commercial and institutional relationships created over the years, and the credibility of the EatsReady brand have been fundamental for a “gentle” but effective rooting of Coverflex in the Italian market.”
Coverflex: Helps companies focus on employee benefits
Luís Rocha, Miguel Santo Amaro, Nuno Pinto, Rui Carvalho, and Tiago Fernandes founded Coverflex in 2021 to help companies of any size to design, consolidate and personalise their compensation offers with health insurance, meal allowance, fringe benefits, and discounts.
Coverflex aggregates multiple providers and helps companies cut costs with tax-efficient benefits insurance, meal allowance, and exclusive discounts.
As a result, it gives companies a competitive edge in retaining their most valuable asset – people.
Coverflex claims its solution has been implemented in over 3,600 companies, including Santander, Natixis, OysterHR, Bolt, Emma, Revolut, and Smartex.
The company says the platform has also witnessed +400 per cent growth year-on-year.
At present, Coverflex serves over 70,000 employees from more than 3,600 companies.
The company’s portfolio of clients includes renowned brands such as Revolut, Santander, PwC, La Redoute, Metyis, Unbabel, and Emma – The Sleep Company.
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