Coverflex has completed the full, all-stock acquisition deal of EatsReady, the most innovative digital-only meal solution in Italy. EatsReady was founded in 2017 by Olivia Burgio and Micaela Illy, which successfully raised a Venture Capital Round from GELLIFY, Copernion and Timelock Ventures, and generated in 2022 €1.8 million in gross revenue at breakeven. Supported by CEO Nicola Faedi and the team, Eatsready is now fully integrated in the Coverflex operations. It has more than 50 active corporate clients with reference clients like Treatwell, Klarna and Telepass using an active merchant network of more than 2,000 independent restaurants, restaurant chains, supermarket chains and online delivery services, including Esselunga, Poke House and Deliveroo. The transaction of EatsReady’s meal voucher license from MISE has enabled Coverflex to be part of the exclusive group of only 10 companies in Italy that can operate in the buoni pasto market. During 2023, Coverflex will migrate all EatsReady clients to its own welfare platform.

“This acquisition represents a key milestone for our team and a major turning point in our journey” - says Olivia Burgio, co-founder of EatsReady and now Head of M&A & Integrations at Coverflex. “Over the last few years we have built a solid platform which represents a strategic entry point for Coverflex’s development in the Italian market. As an entrepreneur, I recognize the potential to join forces with an international and fast-growing team by pooling strengths, skills and market knowledge. We are thrilled with this reciprocal opportunity and are already working to leverage synergies and explore new avenues of growth. This transaction also represents how the Italian startup ecosystem can attract interest from international players to unlock new market opportunities. I am proud of the results achieved by the EatsReady team and am looking forward to share our future endeavors within Coverflex.”

Michele Giordani, Chief of Strategy, Clients and Ecosystems of GELLIFY, who - together with Copernion and Timelock Ventures - became a shareholder of Coverflex as a consequence of this transaction, says: ”It is a project that is at a turning point: the relationship with the companies will be decisive in bringing value to all the players in the ecosystem up to the final customer, demonstrating the fact that B2B relationships hide a great potential for innovation, which is still untapped”.

Following a €15 million Series A raise last month, Coverflex is executing its commitment to international expansion. This is Coverflex’s fourth acquisition since its launch in 2021 and the first in Italy. Chiara Bassi, leading Coverflex in Italy, says: "Knowledge of the industry, the solid commercial and institutional relationships created over the years and the credibility of the EatsReady brand have been fundamental for a "gentle" but effective rooting of Coverflex in the Italian market”.

Italy and corporate welfare: great potential, need to push on digital and flexibility

The decision to choose Italy as the first step in the internationalisation path of Coverflex was driven by the country's potential as a fertile market, which currently needs more flexibility and digitalization in managing benefits for employees. Many companies have to engage with different intermediaries to offer employee benefits, which results in obstacles and extended lead times. Coverflex intends to fill this gap and position itself as a self-service, innovative, and 100% digital solution for managing benefits, discounts, and meal vouchers.

Coverflex has already established a strong presence in Portugal, serving over 70,000 employees from more than 3,600 companies. The company's portfolio of clients includes renowned brands such as Revolut, Santander, PwC, La Redoute, Metyis, Unbabel, and Emma - The Sleep Company. Coverflex now aims to expand its reach to the Italian market, where the compensation package experience is reportedly suboptimal due to a lack of flexibility and a company-oriented approach rather than an employee-oriented approach.