Caju Benefícios, a leading flexible benefits management platform, today announced it has raised a $25 million Series B round led by K1 Investment Management, a Los Angeles-based investment firm focused on high growth B2B software companies.
With the funding, the company plans to increase the efficiency of its solutions and invest in developing new products for the HR segment in Latin America. In addition, Caju plans to expand its offerings to enterprise customers without detriment to the personalized service it provides to existing clients.
Previous investors in Caju, including Valor Capital Group, Caravela Capital, Clocktower Ventures and FJ Labs, also participated in the round.
Founded in 2020 by CEO Eduardo del Giglio and CTO Renan Mendes, Caju’s mission is to transform companies’ HR functions through technology. Brazilian labor law requires employers to provide monthly benefits to employees, like vouchers for meals and transportation, which demonstrates Caju’s mission criticality in the Brazilian workforce. Thousands of companies currently use Caju’s solutions to offer a variety of benefits to their workers, and hundreds of thousands of individuals use Caju’s card, which is issued by Visa.
Caju has seen significant growth in the past year alone: the company started 2022 with a workforce of 70 people, and has since more than doubled its headcount to 190 employees. Caju plans to expand its bench further, particularly its technology roles, to further its mission to reach one million users by the end of 2022.
“Our main growth strategy has always been based on our superior technology and product,” said Eduardo del Giglio, Founder and CEO of Caju Benefícios. “We’re excited to partner with K1 to sustainably scale up our product offerings and focus on quality, usefulness, and excellence in the services we provide.”
This plan to scale up product offerings is already in motion. In April, the company launched Caju Viagens, which allows Caju clients to digitally and safely advance funds for its workers on business trips, without compromising regular benefits or their salaries.
“The Brazilian benefits market is currently undergoing a revolution, upgrading from an industry that historically did not promote user satisfaction or effectiveness,” said Christian Grant, SVP at K1. “Caju has been at the forefront of this revolution, satisfying the needs of HR professionals in Brazil, and we are excited to join them in their next phase of growth. We are excited to continue investing in and building more Category Leaders in the LATAM region.”