Tundr raises 11.6 million euros and bets on digital infrastructure for corporate welfare

Tundr has closed a Series A round of 11.6 million euros. The capital brings CDP Venture Capital into the Italian fintech startup that serves corporate welfare and renews support from 360 Capital and Azimut, which had already invested in the April 2025 seed round of 7.2 million euros. The new funding will finance commercial expansion and the development of a broader platform. Tundr wants to move beyond direct sales to companies and instead integrate its technology into the offerings of welfare providers, banks, insurers, staffing agencies, consultants and payroll firms. The investment therefore supports a shift in distribution as well as in product.

The round also marks the appointment of Carlo Enrico as chairman of the board after he joined as an investor and advisor in the previous round. The money will be used to scale the business and to broaden the platform that already serves 2,000 companies and more than 100,000 employees. The company says it has grown at an average rate of 200 percent per year for three years and that it now manages benefits for 2,000 firms.

Investors in the Series A include CDP Venture Capital through its ServiceTech unit of Corporate Partners I, which focuses on digital solutions for financial, insurance and related services. 360 Capital and Azimut also confirm their participation. Additional investors are Kairos Partners, Crédit Agricole Italia, Sella Direct Ventures and a group of technology and finance entrepreneurs: Alessandro Fracassi of Gruppo MOL, Claudio Erba of Docebo, Enrico Mattiazzi of Fiscozen and Paolo Basilico of Samhita Investments.

The funding arrives in a market that is expanding but remains fragmented. According to AIWA, the Italian Association of Corporate Welfare, the economic value of welfare plans reached 3.2 billion euros in 2025 and the number of workers covered exceeded four million in 2026. The figures exclude meal vouchers, supplementary health insurance, complementary pension schemes and measures required by collective labor agreements, so they represent only part of the sector.

The adoption of welfare solutions varies with company size. Data from the 2025 Confindustria survey, which covers initiatives implemented in 2024 by member firms, shows that 55.3 percent of participating companies offer some form of welfare. The share falls to 41.8 percent for firms with up to 15 employees and rises to 67.4 percent for medium‑size firms and 81.2 percent for companies with more than 100 employees. The gap reflects cost and management complexity as barriers for smaller firms.

The use of welfare credits is also shifting toward everyday expenses. The 2026 Edenred Welfare Observatory, based on more than 5,500 companies and 870,000 beneficiaries, reports that fringe benefits accounted for 55.1 percent of spending in 2025 and that 84 percent of available credit was used. The data come from a single provider but illustrate why payment cards and simple applications have become competitive focal points in the sector.

The Series A also fits into a broader trend of more selective Italian venture capital. The Venture Capital Monitor, promoted with AIFI, recorded 679 million euros invested in Italian startups in the first half of 2026, a 37 percent increase compared with the same period in 2025. EconomyUp notes that different observatories use non‑overlapping scopes but converge on a concentration of capital in larger deals. Tundr reaches this stage with a proven client base and with investors who can open new commercial channels.

Tundr was founded in 2022 by Giorgio Seveso, Jules Arthur Sastre and Luca Milesi and operates from Milan and Lecce. The startup announced a pre‑seed round of 1.7 million euros in August 2022, which brought total fundraising to more than 2 million euros in its first year. The original idea was to use fintech tools to streamline benefit delivery and to link it to a purchase network oriented toward sustainability.

In April 2025, during the second funding round, Tundr had 30 employees, had processed more than 20 million euros in welfare credits and served over 400 companies. The current claim of 2,000 companies shows the trajectory that led to the Series A.

In January 2025 Tundr became the first fintech admitted to AIWA. Membership in the association helped the company gain credibility in a market subject to tax, contractual and reporting constraints. The partnership is relevant for a platform that now seeks adoption by intermediaries serving both employers and employees.

The evolution from the Tundr Card to a platform for banks and providers illustrates the strategic shift toward a broader digital infrastructure for corporate welfare.