P101 announces that it has invested €3.5 million in Toduba, a scale-up that aims to innovate the corporate welfare sector through a digital, modular and fully cloud-based ecosystem and proprietary technology that is unique in Europe.
The company has grown rapidly, multiplying its turnover in three years, going from From €1.6 million in 2022 to €41.7 million in 2024, with more than 150,000 active users on the platform. It currently has a network of 30,000 affiliated businesses. and agreements with 80% of large-scale retail operators (GDO). In addition to serving nearly two thousand companies, mainly SMEs, Toduba collaborates with a network of partners and operators in the welfare sector, including WTW, Randstad, Happily and DoubleYou, who adopt its platform in PaaS (platform as a service) mode to digitise and expand their services.
Through the all-in-one app, companies can easily and transparently provide all key benefits in compliance with regulations, customisable according to employee needs. At the heart of Toduba’s technology is a proprietary transactional engine based on private blockchain, designed to ensure security, traceability and maximum flexibility. This infrastructure enables a unique payment solution in the European fintech landscape, allowing benefits to be used cumulatively and fractionally, even down to the cent. Through the app, each user can activate their trusted shops or restaurants, strengthening their connection with the local area and contributing to the spread of a distributed and local welfare model.
Born from the idea of Gianluca Enrietti and Bruno Cavigioli to simplify access to company benefits, Toduba launched its first project in 2020 to digitise solidarity vouchers issued by some Italian municipalities during the pandemic. It then accelerated its growth by promoting local welfare, supporting the circular economy at a local level, and finally entering the corporate meal voucher segment.
The investment round will enable Toduba to further expand its range of solutions and network of affiliated businesses, as well as accelerate organic growth through external lines by adding complementary services in the world of flexible benefits and launching its international expansion. This expansion is taking place in a market with ample room for growth: the meal voucher sector in Italy is worth over €4 billion, but its overall potential exceeds €33 billion; corporate welfare exceeds €5 billion, but has an untapped potential of over €27 billion. Finally, the gift card sector is booming, with an expected annual growth rate of 14% until 2028, reaching €16 billion (source: Deloitte).
P101’s investment in Toduba comes at a crucial time for the corporate welfare sector, which is increasingly recognised as a strategic lever for employee well-being and business competitiveness. This transformation has been accelerated by the profound changes that are reshaping the world of work and pushing companies to rethink their social role. In this context, there is growing demand for digital, flexible and customisable solutions that can respond to the new needs of companies and employees. Although still in its infancy compared to other European markets, with only 18% of Italian companies having adopted structured welfare systems, compared to much higher percentages in countries such as France (estimated at 48%), the national context is showing signs of opening up, the company reports in a statement. Recent regulatory and fiscal developments are encouraging the adoption of digital and transparent tools, highlighting a potential for development that is still largely untapped.
Gianluca Enrietti, CEO and co-founder of Toduba, (pictured) says in the statement: “We are proud that an important fund such as P101 has understood our vision and chosen to accompany us in this phase of growth. Their entry confirms that Toduba’s open and scalable model is today the concrete answer to a welfare system that is changing to become increasingly transparent, flexible and valuable through opportunities for growth in the local area. We have developed a unique technology to truly place people at the centre of corporate welfare, and now, with this investment, we can accelerate the expansion of our services and offer these opportunities in Europe as a natural horizon for development.
With this transaction, P101 SGR completes its thirteenth investment through Programma 103 and Azimut Eltif Venture Capital P103. In particular, Programma 103 is also supported by the European Union through the InvestEU Fund and by CDP Venture Capital through the Digital Transition – PNRR fund, which uses resources allocated by the EU through the NextGeneration EU initiative, with the aim of promoting the digital transition of supply chains and small and medium-sized enterprises. P101 joins investors who already believed in Toduba’s vision, such as CDP Venture Capital itself through the Rilancio Startup Fund.
“We strongly believe in the potential of Toduba, a company that is bringing innovation to a traditional sector such as corporate welfare with a unique technological solution,” says Alessandro Tavecchio, partner at P101. “After three years of extraordinary growth, Toduba is ready to take a new leap forward.” The Italian market, which is still largely untapped, offers enormous growth potential: Toduba’s technology enables a new dimension of corporate welfare, making it more intuitive, customisable and sustainable. At the same time, businesses and public administrations are becoming increasingly aware of the strategic and social value of corporate welfare, which is now also supported by an increasingly favourable regulatory environment. We will provide Toduba with our experience, our network and the resources necessary to support its development, confident that it will be able to seize the opportunities offered by a rapidly evolving market.
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