The corporate benefits provider reportedly raised in excess of $100m in its series C round, which it claims is Brazil's second largest round for an HR technology provider.

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.

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.