Vilnius, Lithuania-based MELP (Medical services, Employee benefits, Lifestyle & Longevity, and Protection), a startup specialising in digital employee well-being management, announced on Wednesday that it has secured €635K in an early seed stage round of funding from Coinvest Capital.
Additionally, business angels from Lithuania and the UK participated in the round. The startup will use the funds to accelerate its international expansion.
“Given the global concern regarding employee retention, our platform offers companies a valuable tool to prioritize the well-being of their employees, thereby fostering increased engagement and loyalty. We anticipate a future where companies increasingly adopt personalised solutions in managing their teams, allowing individual members to choose motivations tailored to their personal and professional lives,” says MELP co-founder and CEO Vidmantas Šiugždinis.
MELP: All-in-one Employee app
Founded by Vidmantas Šiugždinis, Robertas Šaltis, and Juozas Sargūnas, MELP offers an easy-to-use digital tool to personalise employee benefits for large and small businesses.
The MELP platform enables companies to host employee benefits and empowers employees to choose from over 6,000 goods and services available in the international e-shop as their preferred motivation.
The platform is presently utilised by over 16,000 employees and holds ISO 27001 certification for information security.
“Employers just need to decide what value or category of benefits they want to give to their employees – their team members can choose the specific services or supplier. For corporate HR departments, our the platform facilitates convenient management of rewards, creation of recognition programs, improves internal communication, and employee engagement,” says Šiugždinis.
“While the platform is most popular among medium and large organizations with over 250 employees, its universal applicability is evident, serving clients ranging from a few dozen employees to several thousand,” adds the company CEO.
The investor
Based out of Vilnius, Coinvest Capital invests in startups and companies undergoing business development and growth in cooperation with groups of business angels or private venture capital funds.
The fund caps its investment return to 6 per cent annually during the investment period. Excess return is a premium to private investors who co-invest with the Fund.
“I believe the founders’ extensive business experience, navigating different markets and managing crises with large teams, is a key driver of the company’s success. Their diverse perspectives on employee motivation systems have made the MELP platform popular in Lithuania and abroad. I’m confident that the investment will boost the platform’s profile and help it grow in foreign markets,” says Viktorija Trimbel, Managing Director at Coinvest Capital.
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