The Business Growth Fund (BGF), set up by five major UK banking groups to stimulate business in the country, made its first investment yesterday, in online reward and benefits firm Benefex. The sum invested was £4.2m ($6.5m).
Benefex works with more than 500 clients, helping them to provide structured reward and benefits schemes for its employees online. Benefex expects revenues to approach £10m in 2012 as it grows, and will use the investment from BGF to expand into the US and Asia/Pacific markets.
Paul Oldham, regional director for the South West and Wales for BGF, said: "Benefex is an exciting business, led by a talented and entrepreneurial management team. A start up just eight years ago, it has created a strong market position, developed its service offering and built an impressive client base. It has exhibited consistent growth in tough economic conditions."