Lithuanian startup MELP raises €635k to fuel its international expansion
Vilnius-based employee benefits startup MELP has raised €635,000 in a round supported by 23 business angels from the NGL syndicate and the Coinvest Capital fund, EU-Startups reports. The funding will allow the company to expand internationally.
- Launched in early 2022 by seasoned executives Vidmantas Šiugždinis, Robertas Šaltis, and Juozas Sargūnas, MELP develops an online platform for HR and a mobile app for employees.
- The platform allows HR specialists to better manage and communicate employee benefits, analyse the costs and usage, save time and money for employers. While the mobile app also enables employees to choose benefits they want and buy them directly from a marketplace, increasing motivation and engagement of the team.
“Employee retention is a growing concern globally, so we offer companies a tool to help employers take care of their employees, thereby fostering increased engagement and loyalty. We believe that in the future, companies will increasingly use personalized solutions when dealing with people, allowing their team members to choose what motivates them personally and helps in their daily lives,”Vidmantas Šiugždinis, MELP CEO, stated.
Who invested in MELP?
- Coinvest Capital is one of the main investors in the company. It is a venture capital fund investing in startups and companies undergoing business development and growth alongside groups of business angels or private venture capital funds. The fund’s contribution in the current investment amounts to €361,620.
- The rest of the money came from 23 business angels from the NGL syndicate that specialises in providing comprehensive business angel education, facilitating syndicate investments, and forming startup advisory boards.
Since the launch, the platform has already experienced successful growth in the Baltic countries, where the solution is used by 16,000 employees. According to Justinas Pasys, over the past 2 years the startup managed to grow its revenues by 14 times.
Thanks to the fresh capital and its recent successes, MELP is now able to fuel its expansion into international markets.