Re:benefit: Fueling the growth of the region's leading flexible employee benefits provider
What do employees want? What benefits make them happy? Re:benefit’s platform answers these two questions. The company provides a B2B solution that allows organizations to deliver and administrate flexible employee benefits to their teams. Established in 2020, the company’s client base grew from zero to now more than 10K users enjoying the platform. And that’s the reason New Vision 3 joined its latest investment round of €1.2M. We collaborate on the deal with two other Bulgarian VCs - Vitosha Venture Partners and Impetus Capital.
“Talent acquisition and retention are paramount in today’s super competitive environment. At the same time, one fits all management practices do not work anymore as employees would like to enjoy flexibility and personalization. This is where Re:benefit comes and offers to corporate clients through its platform, enabling them to retain and motivate talent. A top-tier founding team, a super interesting market, and solid traction with large corporate clients convinced us to invest”, explains the decision to invest Yordan A. Zarev, Managing Partner at New Vision 3.
The utilization of the fresh investment will include improving the product Re:benefit delivers and expanding the operations of the company on an international level. Some of the funds will be used to improve the marketing and sales operations of the company.
Together with helping enterprises win the fight for talent, the platform also saves money and resources for managers responsible for such tasks and makes it possible to provide an agile and personalized approach toward employee benefits.
The strong founding team of experienced entrepreneurs is the other main reason that convinced us that Re:benefit has the potential to succeed. Milen Manev, Georgi Lilyanov, and George Gueorguiev are serial entrepreneurs involved in developing different startups. Manev had the option to validate his theory that the market needed software for HR, benefits, and payroll management while taking a managerial role in SyncHR. He is also a founder of two other companies - software development and consulting company Next Solutions, and financial planning startup PlanDelta.
George Gueorguiev, on the other hand, is a co-founder and managing partner of the investment firm Yanva&Disava Capital as well as a member of the boards of several Bulgarian tech companies. He brings 20 years of experience in international IT and telecom companies such as VMware, Adecco, Motorola, and Xerox.
The third founder of Re:benefit is George Lilianov, a fintech and banking professional
What’s interesting about the industry?
HR Tech is an industry that sparks a lot of interest, especially as companies are looking for different optimization methods and approaches to talent management. And it sparks the interest of VCs in general, just last year over $9B were invested in different solutions. And that’s not surprising, the industry provider’s valuation comes at about $24B. As most of the companies developing HR tech solutions are not geographically restricted, this allows them to scale their businesses on an international level. That’s the reason we believe in the success of Re:benefit which solution was based on the needs of its users.