Friday Funding: Bonusly Raises $19 Million

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.

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