Perkbox Secures £13.5M Funding to Expand Private Medical Insurance Service and Global Footprint

Recently, VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that Perkbox, a provider of employee experience platforms, raised £13.5 million in a new round of equity financing. The round was led by Draper Esprit, with participation from long-standing angel investors.

The company intends to use the funds to expand its global operations, including markets such as Australia and France, roll out new platform features, and scale up the development and distribution of new products, including Perkbox Medical, Perkbox Insights, and the PerksGO card plugin, which were launched in the fourth quarter of 2018.

It is reported that Perkbox secured angel, Series B, and secondary market financing in April 2011, October 2015, and July 2017, respectively. The company raised over £9.3 million from investors including Alex Chesterman, founder of LoveFilm and Zoopla, and Sherry Coutu, former member of LinkedIn’s Advisory Board. To date, Perkbox has raised approximately £22.83 million, becoming one of the most capital-efficient SaaS companies in Europe.

Founded in 2015 by its founder and CEO, Saurav Chopra, the company is headquartered in London, UK, with additional offices in Sheffield, Paris, and Sydney.

The company provides a cloud-based digital employee experience platform that enriches employees’ personal and professional lives. The Perkbox platform serves businesses of all sizes, from small to large enterprises, by helping them attract and retain talent through employee benefits. It aims to enhance employee engagement and productivity, foster greater interaction and communication between staff and management, and thereby drive business growth. These employee perks include learning resources, salary-related benefits, daily necessities, and luxury items. Through the platform, employees can also access affordable private healthcare services.

In addition to employee benefits, Perkbox has launched a variety of services, such as credit card-linked loyalty rewards and its health insurance service, Perkbox Medical. Perkbox Medical offers private medical insurance plans that enable employees to book free consultations with registered doctors, securely access their NHS (National Health Service) records, and have prescriptions delivered to their homes, workplaces, or local pharmacies.

Furthermore, through the Perkbox platform, the company can effectively monitor employees’ work status and emotional well-being, thereby bridging the gap between management and staff teams and fostering mutual recognition.

Saurav Chopra stated, “With this suite of new products, we have transitioned from an employee ‘engagement’ platform to an employee ‘experience’ platform. The company aims to assist employers in enriching their employees’ personal and professional lives by providing comprehensive services that address material, physical, and emotional well-being.”

Perkbox has currently established partnerships with major companies such as OpenTable, Wasabi, Hawksmoor, Rentalcars, and Levi Strauss & Co., with over 500,000 platform users.

Simon Cook, founder of Draper Esprit, stated, “For companies seeking to attract top talent, how to motivate employees and shape corporate culture remains a critical challenge. Employers now understand employee needs and have come to recognize that their greatest asset is their workforce. Since our investment in Perkbox in 2016, the company has maintained remarkable growth—expanding into international markets and launching three new products. Perkbox has demonstrated its ability to help businesses attract and retain top talent, and we are pleased to continue supporting them.”

Draper Esprit, founded in 2006, is one of Europe’s most active venture capital firms, primarily investing in early-stage and growth-stage technology companies with valuations exceeding $50 million. The firm has invested in numerous companies, including Revolut, Trustpilot, Graze, Ledger, TransferWise, and Graphcore.

(Compiled by Tang Lulu)