Friday Funding: Bonusly Raises $19 Million

By: James Flippin · March 03, 2023 · Reading Time: 3 minutes

Big Bonus

Bonusly, an employee recognition startup, just raised $18.9 million in a Series B funding round led by Ankona Capital. Ankona joins Access Venture Partners, Next Frontier Capital, and FirstMark Capital as major investors. This latest round brings Bonusly’s total valuation to $32.4 million.

Bonusly analyzes workplace data for insights into efficiency and work culture. But the platform’s main feature is that it provides employees with an allowance of bonuses each month, which they can then choose how to dole out. The bonuses, typically monetary prizes, appear in a company-wide feed, so employees are able to reward colleagues with both money and recognition for a job well done.

Retaining Top Talent

Attracting and retaining top talent is critical to a company’s success. According to the Society for Human Resource Management, 56% of HR professionals have found employee recognition programs to be a big draw for top talent.

Not only could implementing Bonusly help companies attract talent, it could also help them keep it. According to Bonusly’s CEO, Raphael Crawford-Marks, 89% of Bonusly’s customers experience better employee satisfaction after implementing its merit-based rewards system.

Rise of Rewards?

Since the pandemic, the American workplace has faced a non-stop stream of changes. From the rise of remote work to the Great Resignation to the waves of tech layoffs, the landscape has been in constant flux. For employees, any sense of comfort, confidence, and security will likely be welcomed with open arms. Plus, amid persistent inflation, a little extra money surely won’t hurt, either.

Meanwhile, for companies, the stubbornly-tight labor market means keeping valuable employees on-board is at a premium. So, it’s a solid time for a solution like Bonusly to arrive. On top of that, Crawford-Marks maintains Bonusly’s platform could empower workers to go above and beyond in their roles, ultimately fostering stronger workplace cultures and companies as a whole.

Bonusly is still in its early stages. It partnered with just over 3,000 companies as of January. But, if it continues to gain popularity, getting real-time bonuses for excelling at your job could become the new normal. There’s a technological advancement anyone can get behind.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender