Cuideo invoices three million in 2020 and aims to double its business by 2021

The Spanish company Cuideo, which specializes in the provision of services for the care of elderly and dependent people, invoiced $3.65 million (€3 million) in 2020, twice as much as in 2019. The company has most of its business in Spain and is looking to gain traction in France. “In 2021 we want to continue to grow rapidly, set a strong foot in France, and develop the insurance business,” Cuideo’s co-founder and CEO Roberto Valdés explained. 

The startup generated a business of $36.5 million (€30 million) in Spain in 2020 and aims to reach $73 million (€60 million) in 2021. The company expects a turnover of $7.3 million (€6 million) in 2021, which would mean doubling revenues again. The company started its business in France last October and began to take its first steps in Paris. This is the second country in which Cuideo operates after Spain. Cuideo made the leap to France after a $1.95 million (€1.6 million) round led by Alma Mundi Ventures “We are not planning to open new markets, we are looking to consolidate,” said Valdés. 

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The company pointed out that it has 1.2 million potential users in Spain and two million potential users in France

During 2020, the startup worked with 8,000 families, 4,000 of them active at the end of the year. Cuideo expects to reach 8,000 active families in Spain and 1,000 active families in France. The company invested up to $1.22 million (€1 million) in advertising in 2020 and brought in Fermín Mínguez as the new business development director. Mínguez is in charge of leading a team focused on developing planning tools and software to ensure an adequate service that the caregiver provides to the patient. 

In addition, the company expects to start developing the insurance business. Alma Mundi Ventures financed Cuideo’s round through its Insurtech fund, which is made up of various insurers. On the other hand, the company recently reached an agreement with DKV and the insurer is recommending its service to its customers.  

Cuideo reached an agreement with DKV, which is recommending its service to its customers 

The startup, founded in 2016, has so far raised more than $3.6 million (€3 million) in private funding in four rounds. Some of the shareholders include Grupo Godó, Peralsi (family office of the Botet family, former shareholders of Caprabo), Soller Invest and the family office Inderjabs Investments. However, the majority of the capital is in the hands of the founders, Roberto Valdés, Adrià Buzón and Alejandro Valdés. Cuideo moved to new offices in Barcelona last February. The company moved to number 5, Conchita Supervía street in the Les Corts district, to a space of 500 square meters. The company has a workforce of seventy employees, after the addition of 25 employees in 2020.

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(Featured image by pasja1000 via Pixabay)

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