Toduba Raises €3.5M For Its Digital Employee Welfare Platform

At the heart of Toduba’s platform is a private blockchain-based engine that ensures secure, flexible, and traceable transactions. Employees can use their benefits flexibly—even redeeming them in small amounts—making it one of the most adaptable solutions in Europe’s fintech space.

Through a single app, companies can offer custom, regulation-compliant benefits, while employees enjoy an easy-to-use experience. They can also link their favorite shops and restaurants, supporting local communities and encouraging a more inclusive welfare model.

Toduba also offers its platform as a service (PaaS), used by top HR and welfare players like WTW, Randstad, and Happily.

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The company has grown rapidly, from €1.6M revenue in 2022 to €41.7M in 2024, with over 150,000 active users, 2,000 client businesses (mostly SMEs), and a network of 30,000 merchants. It also partners with 80% of Italy’s large retail distributors.

While only 18% of Italian companies offer structured welfare plans today (compared to 48% in France), reforms are opening up space for transparent, digital solutions. The market is huge—meal vouchers alone are worth over €4B in Italy, with total potential topping €33B.

Gianluca Enrietti, CEO and co-founder of Toduba, commented: “We are proud to have P101 on board as we enter this new growth phase. Their support confirms that Toduba’s open and scalable model is the right answer to a rapidly evolving welfare landscape – one that is increasingly transparent, flexible, and locally rooted.

With our proprietary technology, we have built a truly people-centric welfare platform. Now, with the new capital injection, we are ready to take our unique model to Europe.”

With this new investment, P101 SGR has made its 13th deal through Programma 103 and Azimut ELTIF Venture Capital P103.

Programma 103 is supported by the European Union’s InvestEU Fund and by CDP Venture Capital SGR through the Digital Transition Fund – PNRR, which uses EU resources from the NextGeneration EU program to boost the digital growth of small and medium-sized businesses.

P101 now joins existing investors backing Toduba’s vision, including CDP Venture Capital SGR via its Fondo Rilancio Startup.

“We strongly believe in Toduba’s potential. The company brings genuine innovation to the traditional corporate welfare space via its proprietary tech and human-centric approach,” said Alessandro Tavecchio, Partner at P101.

“With strong traction and a fast-growing market, Toduba is well-positioned to lead the next phase of welfare transformation. The Italian market still shows huge whitespace, while businesses and public institutions are becoming increasingly aware of its strategic and social value, with regulations growing more favourable.”

The new funding will help Toduba expand its product offerings, grow its merchant network, boost both organic growth and acquisitions, launch new services in the flexible benefits space, and begin its international expansion.

About Toduba

Founded in 2017, Toduba is a tech enabler for corporate welfare. Its cloud-native, interoperable platform helps providers and companies deliver digital welfare services with full compliance, improved efficiency, and a seamless user experience.