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BGF provides £4.2m growth capital for Benefex

6 Oct 2011

Business Growth Fund (BGF), the £2.5bn vehicle established to help Britain's fast growing SMEs, has made its first investment in online employee reward and benefit scheme Benefex.

The company enables large organisations to tailor their rewards and benefit packages to individual employees, communicate effectively online with staff, and outsource administration and support of their schemes.

Benefex is run by Matt Waller, a 33-year-old entrepreneur who started the business from his own home eight years ago. It has since grown to become one of largest online employee reward and benefits providers in the UK.

The company currently provides services to over 500 clients, managing online benefits schemes for over one million employees in more than 40 countries. Its bluechip clients include the AA, Coca Cola, Bank of America Merrill Lynch, De Beers and Philips.

BGF has invested £4.2m of growth capital in Benefex and will take a minority stake. With more than 50 per cent growth in turnover year-on-year, the company continues to expand rapidly with turnover approaching £10m next year.

“Benefex is the first of many investments that we will be making in fast growing UK businesses. It typifies the sort of business that we are interested in speaking to,” said BGF’s CEO Stephen Welton.

“Since our launch we have been actively out in the market talking to business owners and are now seeing a high level of deal flow. It shows a real and growing demand for a long term partner investor,” he added.

BGF recently announced it had taken on two new hires and opened a fifth office in Manchester.

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