TechCrunch broke the news that Perkbox, a U.K. startup, has secured £2.5 million from Draper Esprit. The company confirmed the funding round in a tweet, stating: “Delighted to announce that @draperesprit is supporting our crowdfunding with an investment of £2.5 mil!”
The perks and benefits company launched with initial funding of £350,000.
Perkbox has experienced growth of 50% per quarter since its launch, and the company reported 300,000 paying members. Perkbox expects to be able to reach the million-member mark by the end of the year.
Sales forecasts have reached £15 million this year, with the company aiming for £25 million in the next year.
Last week, reports that the company was trying to secure £1.5 million in crowdfunding emerged.
Perkbox boasts a member base of companies of all sizes that want to offer perks to their top achievers. Companies have been able to improve employee retention and acquisition rates through Perkbox services.
Exclusive discounts and services are also offered to customers that do business with certain members.
The company launched under the name of Huddlebuy in 2011, and re-branded under the Perkbox name. The company chose to remain a digital engagement platform that allows businesses to offer perks and benefits to their staff and customers.
The company offers over 200 perks to employees subscribed to the platform, from cinema tickets to free phone insurance and restaurant offers.
Perkbox’s latest funding round will be used to invest in the company’s growth and to grow working capital. An online rewards and recognition system is in place, too, which allows employees to be rewarded through digital tags.
“Perkbox for Customers” is an additional offering from the company, and allows business to offer customers perks through a loyalty program. Businesses can engage and retain a loyal customer base to enhance the customer experience.
The company earned £10 million in revenue last year and has a team of over 105 people.