MELP, a start-up developing and growing a digital employee well-being management platform, has attracted investment of 635,000 euros to expand internationally.
Hardly had the new year begun when news broke on January 3 of the first major funding announcement of 2024 in emerging Europe.
In the Lithuanian capital Vilnius, MELP (Medical Services, Employee Benefits, Lifestyle and Longevity, and Protection), a start-up developing and growing a digital employee well-being management platform, has attracted investment of 635,000 euros to expand internationally.
The early seed stage funding comes from Vilnius-based venture capital fund Coinvest Capital as well as business angels from Lithuania and the UK.
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Founded in 2022 by Vidmantas Šiugždinis, Robertas Šaltis, and Juozas Sargūnas, MELP offers an easy-to-use digital tool to personalise employee benefits for large and small businesses.
“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,” says Sargūnas, MELP’s CEO.
“We believe that in the future, companies will increasingly use personalised solutions when dealing with people, allowing their team members to choose what motivates them personally and helps in their daily lives.”
There is certainly a great deal of potential in the sector—according to HTF Market Intelligence the global employee benefits industry is set to be worth more than 70 billion US dollars by 2029.
Baltic growth, international expansion
The MELP platform has experienced successful growth in the Baltic countries since its launch and is now poised for expansion into international markets. The platform is currently used by more than 16,000 employees.
“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,” says Šiugždinis.
“For corporate HR departments, our the platform facilitates convenient management of rewards, creation of recognition programmes, improves internal communication, and employee engagement.
“While the platform is most popular among medium and large organisations with over 250 employees, its universal applicability is evident, serving clients ranging from a few dozen employees to several thousand.”
According to Viktorija Trimbel, managing director at Coinvest Capital, the extensive business experience of MELP’s founders, 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,” she says.
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