Why we invested in PerchPeek?
Perspective, by Nadine Torbey
I am very happy to welcome Perchpeek to the AlbionVC fold.
Relocating can be one of the most desirable experiences for working professionals. Those of us who have experienced it – and we are many, especially post-pandemic with the ‘work from anywhere’/’remote first’ policies allowing people to work from all sorts of exotic locations – know how painful it can be.
When you relocate, there are about 20 to 30 things you must do: finding a home, shipping your belongings, open a bank account … some of it quite country specific: register for council tax, NHS and the list goes on. Today, this means researching extensively a place you know nothing about, getting connected to friends of friends through awkward WhatsApp groups and finally coordinating every one of those 30 steps in different apps or through different service providers. Sounds like almost enough to change your mind and just stay put …
There are about 4m movers annually – yet only 5% are supported by relocation agents. Why? Being a highly manual and high friction service, it is expensive and therefore only available to highly paid execs where corporates can justify the budget. The remaining 95% are forced to rely on the ‘good old’ do it yourself (aka get there, figure it out, get it wrong, start again).
Enter Digital Relocation Platform, Perchpeek, the long-awaited disruption to the antiquated relocation market. By offering a fully digitized solution Perchpeek is not only providing a far better alternative to traditional support but more importantly is able to offer an attractive price point which means most companies can now offer relocation support to all their movers – unlocking therefore the full multi-billion market opportunity. In a short period of time, their mover-centric app has proved life-changing (‘their words not mine’) for over 5,000 movers across more than 25 geographies and unsurprisingly corporates are quickly jumping on-board, taking the opportunity to attract and retain an increasingly mobile and global talent pool. Indeed, we are in what is arguably one of the most competitive talent market ever which combined with the new ‘distributed way of working’ and the rise in high growth digitally native companies means companies need to offer this to hire and retain the best talent out there. This shift has created huge organic demand for Perchpeek’s platform, demand that is only accelerating as the company starts investing in growth.
Having struggled with relocation several times myself I bought into the vision within few minutes of the first meeting, enthusiasm that only grew further as I witnessed the exceptionally fervent customer love and spectacular momentum in this buoyant market. But my highlight so far has been getting to know the Perchies, in particular Paul (CEO and co-founder) whose fire and relentless pace is bringing to life and fuelling the exciting mission of enabling relocation globally. It’s also great to invest alongside old friends @episode 1 and new ones @stage 2 capital. Perchies, we are all excited to be officially part of the team and we cannot wait for the rest of the journey!
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