Leeto Raises €2 Million for Modernising Works Councils

Leeto Raises €2 Million for Modernising Works Councils

FACTS

  • The French start-up Leeto, which specialises in digitalising corporate data, just raised €2 million.
  • This funding Series was led by venture studio Founders Future and involved various business angels including Vincent Luciani (from Artefact), Thomas Rebaud (Meero) and Benjamin Netter (Octobre).
  • Goal: Modernise works councils.
  • This Paris-based start-up was launched in 2018 and features a SaaS solution for works councils, helping them manage employees’ benefits in real time (discounts negotiated with partners, refunds on sports activities, etc.).
  • Business Model: Leeto charges €3 per employee / per month.
  • Among clients:

  • A companion prepaid Mastercard card will be added by the end of the year, enabling employees to enjoy discounts from partners on a daily basis.

CHALLENGES

  • Acquiring customers. The reform on labour code should lead to the creation of 120,000 new works councils (representing 13 million employees) and give way to new opportunities. It would first be addressing start-ups and SMEs with 11 employees or more, interested in implementing a works council early in 2020.
  • High ambitions. This financial support should enable this FinTech to further boost their team which, so far, has been including 10 people. It may also help speed up the development of their payment card.

MARKET PERSPECTIVE

  • In France, Comitéo also targets works councils, providing them with a platform embedding business-related features and a Marketplace listing several offers.
  • Comitéo was bought out by Natixis in February 2018. Their range of services was then expanded so they could be viewed as a one-stop counter for works councils. Leeto, for their part, completed their first funding round and tries to win market shares using a prepaid solution in an increasingly digital context.

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