The Business Growth Fund has made its first investment with a £4.2m (€4.86m) injection into Benefex, a Bristol-based provider of online employee reward and benefit schemes.

Benefex is led by 33-year-old entrepreneur Matt Waller, who started the company from his own home at the age of 25. It now provides services to more than 500 clients, managing online benefit schemes for over one million employees in 40 countries. Clients include Coca Cola, Bank of America Merrill Lynch and MTV.

Benefex has generated 50 per cent revenue growth year-on-year and is expecting to reach a turnover of £10m in 2012. 

Benefex enables businesses to provide tailored rewards and benefit packages to individual employees. The market is thought to be worth around £100m.  

Set up under the Project Merlin agreement struck between the coalition government and the banking sector, the Business Growth Fund has £2.56bn to invest in SMEs.

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