Employee Rewards Platform Bonusly Raises $18.9M in Series B Round

Bonusly, an engaging recognition and rewards platform connecting teams and enriching company culture, has recently secured $18.9 million in its Series B round led by Ankona Capital. The funding round also witnessed participation from existing investors, including FirstMark Capital, Access Venture Partners, and Next Frontier Capital.

Launched in 2013 by Raphael Crawford-Marks, Bonusly provides engagement software that enables companies to build connections among and between teams, increasing collaboration and innovation among their workforce. Additionally, the platform offers exclusive individual, team, and company insights, empowering managers to make informed decisions regarding culture, professional growth, performance management, and employee retention.

With the new fundraising, the startup will enhance its recognition platform, continue to build its analytics capabilities further, and invest in sales and marketing to expand go-to-market activities.

Bonusly’s platform attempts to capture and analyze data on how organizations work and connect, informing HR teams and managers. Every month, employees get an allowance to give small bonuses to their colleagues to recognize their contributions. Bonuses appear in a feed so everyone can see the work happening across their team.

As for the bonuses, they can be spent on gift cards from popular brands like Amazon and Hulu, as well as on cash and charitable donations. Crawford-Marks says that Bonusly users receive an average of two recognitions from peers and managers every week.

Commenting on the investment, Founder & CEO of Bonusly, Raphael Crawford-Marks, said:

This new capital will enable us to expand and build on the strong foundation we have in place, allowing the companies to meet the constantly changing people challenges of today’s volatile economy. Since our Series A, we have seen our valuation more than triple, despite the multiple compression that has occurred in today’s market — a strong recognition of the value we already provide and the even greater opportunity that lies ahead. We’re just getting started.

According to Crawford-Marks, as of the end of January 2023, the company has 3,175 current customers and 396,813 current users. Newth Morris, Partner, Ankona Capital, added:

Bonusly customers see significant, measurable improvement in employee engagement and morale with Bonusly. The organizational network data that Bonusly provides is both powerful and unique. But just as important is the leadership team’s approach to managing the company with incredible capital efficiency. Raphael founded and bootstrapped the company for nearly three years before raising capital, and that culture of making every dollar count continues today. It puts the company in a very strong position to address the challenges companies face in motivating, retaining and understanding their workforce in a rapidly changing economic landscape.

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