We’re delighted to announce our investment into Pirkx, an employee benefits platform designed for the changing world of work.
In this video, CEO and co-founder Stella Smith explains her vision for the business, and Vala’s Jasper Smith explains why the company is a great fit with our investment strategy.
Pirkx is an online platform that offers an affordable way to provide benefits to workers. It makes benefits accessible not just to permanent employees, but also to contracted workers, freelancers and people working in the gig economy.
Organisations can register with Pirkx for free, then invite individuals to sign up to the platform at a cost of just £4.50 per month. The subscription can be paid by the company or by the individual. Members gain access to a 24/7 remote GP service, discounted gym memberships and medical insurance plans, free eye tests and a range of shopping, travel and leisure benefits.
This recurring revenue business model was very attractive to Vala. By focusing tightly on growing its subscriber base and controlling the rate of customer churn, Pirkx has a clear opportunity to build value quickly.
We also liked the fact that Pirkx’s product addresses some big societal and economic trends, including the growing market for wellbeing-related products and services and the increasing numbers of people who work on a flexible, freelance or contracted basis.
Coronavirus also needed to be factored into our decision to invest in Pirkx. Fortunately, the company was one step ahead of government guidance, deciding early in the crisis to ask all employees to work from home. As a fully digital business this was relatively easy to achieve. By the time of completion, they had clearly demonstrated that it was possible for the business to be run remotely with no real impact on operations. Recurring revenues, a well-managed cost base and a good cash supply also gave us confidence in the business’s resilience.
We are delighted to welcome Stella and her team to the Vala family, and we’re looking forward to watching the business develop over the coming years.