The Perk
The Perk’s product suite provides both employer and employee frictionless engagement in the recognition and rewards issuing/redemption process. Whether it is connected to a performance management system or operates as a standalone system, the reward process takes only 15 seconds. The employer simply selects the recipient and issues the reward, instantly delivering the recipient a text message with an alert, and most importantly, allowing the employee to spend their money immediately wherever they choose!
Traction
The company launched its sales activities in August 2019 and to date has attracted over 30 customers ranging from SMB to enterprise organizations, which has ultimately led to a monthly recurring revenue that has already surpassed $12,000 MRR.
The Perk’s major advantage is the frictionless operation of their platform & card. The product is the most streamlined and user friendly when compared to similar platforms which ensures a high utilization and low churn rate. The Perk is also currently developing a system that will allow for employee discounts to be automatically applied at the Point of Sale. This completely changes their competitive advantage allowing for The Perk to partner and eventually acquire a 3rd party discount company that will propel them into the market.
Team
Dallas Fontaine, CEO & Founder – An entrepreneur who has a strong track record of building highly motivated and engaged teams. Dallas also has a proven B2B sales track record and has led a sales team that produced $40 million in new contracted sales every year. Dallas acquired a BBA, Accounting specialization, from Trinity Western University.
Aaron Dufall, CTO – A technology entrepreneur and CTO for multiple private companies in high-growth technology ventures. Aaron is a senior mentor at Canada’s largest bootcamp, Lighthouse Labs. He is experienced in leading technical fintech teams in SOC 2 Type 2 Compliance environments from a company’s early-stage to acquisition. He specializes in technical talent acquisition, development, and growth optimized for delivering consistent output in a hyper-growth environment. Aaron is an expert at identifying operational constraints and developing systems to maximize available resources for revenue growth. He bridges the gap between engineering and management teams, facilitating maximal cross-organizational learning and effectiveness. Aaron implements technical safety nets and disaster recovery processes for teams to work fast and confidently, lowering the required skill level of engineers and overall labor costs.
Peter Smyrniotis, Director, Growth & Product – Peter is a technologist, entrepreneur, director and advisor to private and publicly-traded companies. He specializes in technology commercialization and growth, including sales and marketing. Peter has, for more than a decade, participated and led business development, strategy, and technology initiatives with SAP, Microsoft, and Cisco, globally. He is a seasoned entrepreneur and advisor, and has completed previous stints as a Technology Advisor with the Hillcore Group, the GrowLab Accelerator, and with industry-recognized leader Victory Square Technologies as a Director, where he connected a portfolio of companies to investors, clients, and partners.
Funding
The Perk has raised $1 million through Angel Investment. The company is on track to be profitable by July 31st 2020. The company’s current financing partner recognizes that the company would benefit from the injection of additional capital, and the management team and board of directors have agreed to raise $500,000 through equity financing. The utilization of these funds will be used to enhance their product through a more developed integration into other products and services and focus on accelerating the development of the web-based front end interface and mobile offerings. Funds will also be put towards prioritizing focused activity on trade conferences and to launch an Account Based Marketing initiative to prospect larger, sophisticated deals.
Revenue Model
The Perk’s primary revenue generation activities come from selling their SaaS product suite to SMB and enterprise organizations. They are also beginning to establish partnerships, creating reseller channels to sell through partners and generate diversified shared revenue.
Details
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