Brazil-based corporate benefits management service Flash has secured over $100m in series C funding from investors including internet group Tencent, Latin America Business Stories (LABS) reported on Wednesday.
Battery Ventures and Whale Rock co-led the round, which also featured Tiger Global Management, Global Founders Capital, Monashees, Citius and private investors Kevin Efrusy, Rahul Mehta and Hans Tung.
Founded in 2019, Flash has created a flexible service enabling corporates to let employees choose and manage benefits such as food or transportation through a company card.
The company plans to use new capital to double its current workforce of 320 employees by the end of this year. Tiger Global led its $22m series B round in June 2021 with backing from Monashees, Global Founders Capital, Kauffman Fellows and Citius.
The company claims the round is the second-largest round by a human resources (HR) technology provider in Brazil, behind only the $220m series E for gym membership service Gympass, which was backed by internet and telecommunications group SoftBank in June 2021 at a $2.2bn valuation.
Flash’s customers include e-commerce platform developer Vtex, home goods marketplace MadeiraMadeira and logistics services provider Loggi.
Ricardo Salem, founder and president of Flash, told LABS: “This is only possible because we deliver to the market a solution that directly impacts the routines of employees and [HR departments].
“In 2022, we will develop an even more complete and integrated product, which will enable strategic action for those who deal with people”.
Photo courtesy of Flash Tecnologia e Pagamentos LTDA.
