Home Venture Capital Lithuania-based MELP secures €635K investment to expand employee well-being platform

Lithuania-based MELP secures €635K investment to expand employee well-being platform

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MELP

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Vilnius-based MELP recently received a significant investment of €635K. This funding comes from Coinvest Capital, a venture capital fund, and a group of business angels from Lithuania, the UK and Lithuanian Business Angel Network LitBAN. MELP’s platform offers companies a tool to manage employee benefits while giving employees access to thousands of goods and services through an international e-shop, allowing them to choose their preferred perks. The company aims to address the global challenge of retaining employees by fostering better engagement and loyalty among staff. With this funding, MELP intends to expand its platform’s capabilities, reach new international markets, and improve its services for businesses of varying sizes, ensuring continued growth and success.

MELP’s Co-founders, seasoned executives with wide-ranging experience in key employee benefits, include Vidmantas Šiugždinis, former CEO in wellness and entertainment industries, Robertas Šaltis, Founder of the insurance brokerage Balto Link and portal Draudimas.lt, and Juozas Sargūnas, a veteran professional in the health insurance market.

“Employee retention is a growing concern globally, so we offer companies a tool to help employers take care of their employees, thereby fostering increased engagement and loyalty. We believe that in the future, companies will increasingly use personalized solutions when dealing with people, allowing their team members to choose what motivates them personally and helps in their daily lives,” says MELP CEO Vidmantas Šiugždinis.

The MELP platform, launched in early 2022, has experienced successful growth in the Baltic countries and is now poised for expansion into international markets.

“I believe the founders’ extensive business experience, navigating different markets and managing crises with large teams, is a key driver of the company’s success. Their diverse perspectives on employee motivation systems have made the MELP platform popular in Lithuania and abroad. I’m confident that the investment will boost the platform’s profile and help it grow in foreign markets,” said Viktorija Trimbel, Managing Director at Coinvest Capital.

Coinvest Capital’s contribution to the investment amounts to €361,620.

According to V. Šiugždinis, the MELP platform not only enables companies to host employee benefits but also empowers employees to choose from over 6,000 different goods and services available in the international e-shop as their preferred form of motivation.

“Employers just need to decide what value or category of benefits they want to give to their employees – their team members can choose the specific services or supplier. For corporate HR departments, our platform facilitates convenient management of rewards, creation of recognition programs, improves internal communication, and employee engagement. While the platform is most popular among medium and large organizations with over 250 employees, its universal applicability is evident, serving clients ranging from a few dozen employees to several thousand,” adds the company CEO.

MELP, an acronym representing Medical services, Employee benefits, Lifestyle & Longevity, and Protection, reflects platform’s diverse offerings in consumer services. The platform is currently used by more than 16,000 employees and is ISO 27001 certified for information security.

Click to read more funding news.

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