Business

Brazilian startup Caju raises $2.45 million in a round led by Valor Capital Group

Caju's platform enables employees to choose to receive a Spotify subscription rather than a Food Ticket from their company, for instance

Photo: Caju/Screenshot
  • The startup allows employees to adjust their benefits according to their needs and company rules;
  • Caju serves about 400 companies and 15,000 employees.

Caju, a Brazilian startup platform that gathers corporate benefits such as Food Ticket, raised $2.45 million (BRL 13 million) in a seed round co-led by Valor Capital Group and Canary. Individual investors like Ariel Lambrecht, 99 founder, also participated in the round.

READ ALSO: Fake news crackdown in Brazil opens a dangerous precedent for censorship

Resources will be invested in scaling sales and technology and expanding teams. Caju allows employees to adjust their benefits according to their needs and company rules. For instance, using Caju’s platform, the employee can choose to receive a Spotify subscription rather than a Food Ticket, without further ado. Employees can transfer benefits between six categories, following Brazilian work legislation: Meal, Food, Mobility, Culture, Education and Health.

READ ALSO: Facebook will label political propaganda and say who pays for it

“As a Visa brand, the Caju card is accepted in more than 2.2 million establishments across the country, allowing users to use our card both in the physical and virtual worlds”, explains Eduardo del Giglio, founder and CEO of Caju.

Caju seeks to solve inneficiencies

According to the company, inefficiency of other corporate benefit solutions was most evident during the Covid-19 pandemic, highlighting problems of frozen benefits, such as transportation vouchers little used in times of remote work. Brazil Journal recalls that more than 90% of the benefits market is dominated by four players in Brazil: Alelo, Sodexo, Ticket, from Endered, and VR.

READ ALSO: Startup Ripio believes in cryptocurrencies as a way of avoiding the volatility of the Argentine peso

With Caju, companies use the service free of charge. The startup monetizes itself from a fee passed on by the card’s flag with each purchase. Caju started operating in January 2020 and already has more than 400 customers controlling benefits of over 15,000 employees. According to Revista PEGN, most of them are made up of Brazilian startups, such as Descomplica, Gupy, Loft, Revelo and Volanty.