In October 2011, BGF made its first ever investment when it backed Southampton-based Benefex, a leading provider of flexible, online employee reward and benefit schemes. BGF initially invested £4.2m for a minority shareholding in the business, and provided a further £1.3m in December 2012.
Benefex helps large organisations tailor their rewards and benefit packages to individual employees and outsource the administration and support of their schemes. Its clients include the Marks & Spencer, Mondelez, AA, Bank of America Merrill Lynch, De Beers, E.ON, Philips, MTV and Centrica.
BGF’s funding has helped the company to expand its product and service lines, and invest in its new auto-enrolment tool for businesses of all sizes. Since BGF's initial investment, Benefex has continued to expand, doubling turnover to £10m in 2015. The business has also trebled its headcount in the period and now employs over 160 staff across its two offices.
Benefex is led by Matt Macri-Waller, who started the business from his own home when he was just 25. In July 2012, BGF introduced Steve Bellamy as Non-Executive Chairman to the business, bringing with him over 25 years’ experience in both managing and investing in high growth businesses.