Turin-based Toduba has secured €3.5M ($4.1M) in funding led by Italian venture capital firm P101 SGR to accelerate its digitalisation of the employee welfare sector. Founded by Gianluca Enrietti and Bruno Cavigioli in 2020, the scaleup operates a cloud-native platform with proprietary blockchain technology for corporate benefits management. The funding will support product expansion, international growth, merchant network strengthening, and potential M&A activity.
Toduba is targeting European expansion beyond its Italian stronghold, where it has established relationships with 30,000 affiliated merchants and secured agreements with 80 per cent of Italy’s major retail distributors. The company serves approximately 2,000 businesses and counts more than 150,000 active users on its platform, with partnerships including WTW, Randstad, Happily, and DoubleYou utilising its Platform-as-a-Service offering.
The round was led by P101 SGR, marking the thirteenth investment via Programma 103 and Azimut Eltif Venture Capital P103, with support from the European Union through the InvestEU Fund and CDP Venture Capital SGR. Previous investors include CDP Venture Capital SGR through its Fondo Rilancio Startup, though the company has not disclosed total historical funding amounts.
Toduba differentiates itself through a proprietary transactional engine based on private blockchain technology, enabling secure, traceable benefit redemptions down to the cent – a capability the company claims is unique in the European fintech landscape.
The platform allows cumulative and fractional benefit usage whilst maintaining regulatory compliance across Italy’s complex welfare legislation. Revenue has surged from €1.6M in 2022 to €41.7M in 2024, positioning the company to capture share in Italy’s €4B meal voucher market, which holds potential expansion to €33B according to company estimates.
The company began operations during the COVID-19 pandemic by digitalising solidarity vouchers issued by Italian municipalities, before expanding into corporate meal vouchers and broader employee benefits.
With its roots in crisis-response technology, Toduba learned how to deploy digital solutions quickly and make sure they were legal, which is now the basis of its corporate platform. The 27-person team has built both direct-to-business solutions and white-label offerings that established welfare providers use to modernise their service delivery.
“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,” says Gianluca Enrietti, CEO and co-founder of Toduba.
With only 18 per cent of businesses in Italy currently offering structured welfare programs, compared to 48 per cent in France, the country presents a significant growth opportunity as European workers’ expectations shift towards flexible, digital-first benefits platforms.
P101’s investment thesis centres on Toduba’s potential to replicate its Italian success across European markets experiencing similar regulatory modernisation and employer demand for comprehensive benefits management.
“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,” says Alessandro Tavecchio, Partner at P101.
“With a strong traction and a fast-growing market, Toduba is well positioned to lead the next phase of welfare transformation.”
