Transaction: BWB’s corporate team acted for Perkbox Limited (“Perkbox”) on its oversubscribed equity fundraising that raised £4.36m from specialist technology venture capital firm Drapers Esprit, crowdfunding platform Seedrs and Perkbox’s existing investors and management team. The funding will be used to expand its product portfolio and develop its smart technology, marketing and account management resources.

Perkbox is a leading employee and customer rewards and engagement platform, that enables businesses incentivise, motivate and attract staff through over 200 perks and benefits and a sophisticated rewards and recognition infrastructure. The web platform was launched in 2015 and has over 300,000 paying members and its customers include Deliveroo, Wasabi, Jack Wills, BUPA, British Gas and Worldpay.

Perkbox was originally launched as Huddlebuy, a group-buying platform for SMEs. This is Perkbox’s first funding round since its launch, when the founders made a decision to grow organically following a £350,000 investment secured at seed stage from Zoopla CEO Alex Chesterman and AC Sherry Coutu in 2011. Perkbox was recently listed no. 2 in the Startups 100 Index for being one of the most innovative emerging ventures in the country.

Gautam Sahgal, Perkbox’s COO said: "While the growth of Perkbox required external capital, the unusual story and culture of the company also meant that the founders wanted to ensure we raised funds in an innovative way - by going both to institutional investors as well as to the crowd. This was close to some of the most closely held beliefs of the founders - that democratisation is a powerful force and that Perkbox, as company that intends to democratise benefits for employees - must embrace new approaches to widen its appeal. As a result the process was considerably more complex than a traditional funding round - but BWB's guidance throughout the whole process meant we felt confident at all times that we understood the process and the requirements. Ultimately we raised a larger round than expected with great visibility and institutional backing that will help the company grow."

This transaction further demonstrates BWB’s corporate finance expertise in the technology sector and our ability to work on transactions which involve multiple competing investor interests.

Lawyers: Stephen Callender (Corporate Partner), Richard Marke (Commercial Partner) and Shadia El Dardiry (Corporate).

Posted on 18/01/2017 in Corporate & Commercial

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