Why we invested in Peppy
As a fund, we have met countless technology start-ups seeking to help people better manage their money. Financial stress, as the thesis usually goes, stops us from being effective in our daily lives and jobs. While this is true and employers have been partnering with technology start-ups to address this problem, we are reaching saturation point in personal financial management technology. At the same time, employers are increasingly aware that looking after the non-financial wellbeing of employees and their families is critical in building a modern, diverse workforce.
Peppy’s all-digital platform enables employers to provide employees with on-demand, accredited expert support through critical life transitions – women’s health, family health and mental health – that public healthcare services were not designed for and where only the lucky few can afford private help. However, these issues affect all of us and the impact on workforce productivity is clear and measurable. Through Peppy, employers have a transformative solution that is designed for the workforce of the future.
We were introduced to Peppy by a mutual contact in February. It was after we decided to invest (it was a quick decision!) that Covid-19 unimaginably disrupted the world. Now, three months into lockdown, it is even clearer that our health is our biggest priority and how we access health support needs urgent and permanent transformation.
Once we were convinced about the market opportunity, we turned our focus to the team. The Peppy team have all lived the problem and bring a range of deep commercial and technical experience and, importantly, we could see the three founders –Evan, Max and Mridula – support and complement each other operationally and strategically. It says a lot about the team that, in the midst of a global economic shutdown, they have managed to simultaneously complete a funding round, advance commercial negotiations with a global financial services client and apply for (and win out of 1,600 applications!) NHS funding to pilot a digital solution to support new parents across the UK during Covid-19.
We are excited to have the opportunity to support Peppy and look forward to working with the team to build a new category leader.