Employee welfare platform Toduba has raised €3.5 million in a funding round led by P101 SGR, marking the firm’s 13th investment through Programma 103 and Azimut ELTIF Venture Capital P103.
The fresh capital will support Toduba’s European expansion, product development, and new services in the flexible benefits space.
Founded in 2017, Toduba provides a fully digital welfare platform that allows companies to manage employee benefits — from meal vouchers to flexible compensation — in a transparent, compliant, and user-friendly way. The platform runs on a proprietary private blockchain engine, ensuring secure, traceable transactions while giving employees the freedom to redeem benefits in small amounts and connect directly with local shops and restaurants.
“With our proprietary technology, we’ve built a truly people-centric welfare platform,” said Gianluca Enrietti, CEO and co-founder. “Now, with this new capital injection, we’re ready to take our unique model to Europe.”
Digitizing welfare for a modern workforce
Through a single app, companies can customize and automate welfare programs while employees enjoy a flexible, intuitive experience. Toduba’s platform-as-a-service (PaaS) model is already powering solutions for leading HR and welfare providers such as WTW, Randstad, and Happily.
Since 2022, the company has grown its revenue from €1.6 million to €41.7 million and now serves 150,000 users, 2,000 corporate clients, and a network of 30,000 merchants, including partnerships with 80% of Italy’s largest retail distributors.
“We strongly believe in Toduba’s potential,” said Alessandro Tavecchio, Partner at P101. “The company is redefining corporate welfare through its proprietary technology and human-centric approach — and it’s doing so in a market that’s ripe for digital transformation.”
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A fast-growing market for digital welfare
While only 18% of Italian companies currently offer structured welfare plans — compared to 48% in France — new policy reforms are accelerating adoption. With Italy’s meal voucher market exceeding €4 billion, and the total potential of digital welfare estimated at €33 billion, Toduba is positioning itself at the forefront of this shift.
P101’s investment is backed by the EU’s InvestEU Fund and CDP Venture Capital’s Digital Transition Fund, part of the NextGeneration EU program supporting digital growth among SMEs.
“Toduba’s open and scalable model is the right answer to a rapidly evolving welfare landscape — one that’s becoming more transparent, flexible, and locally rooted,” Enrietti added.
Scaling for impact
The new funding will enable the startup to expand its merchant network, launch new services, and pursue acquisitions to strengthen its European footprint. By blending technology, inclusivity, and local engagement, the company aims to redefine how businesses support employee wellbeing.
About Toduba
Founded in 2017 and based in Turin, Toduba is a digital welfare platform that helps businesses and providers manage employee benefits with full regulatory compliance and efficiency. Powered by a private blockchain infrastructure, Toduba enables secure, flexible, and people-centered welfare programs — connecting employees, employers, and local merchants in a seamless ecosystem that drives wellbeing and sustainability.
