Tuesday, July 2, 2024
HomeEdTech MarketEmployee Rewards Platform Bonusly Raises $18.9M in Series B Round

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.

For regular updates about Moodle, eLearning and edtech industry, please visit us regularly at https://lmsdaily.com. You can also like us on Facebook or follow us on Twitter, or Subscribe our YouTube Channel.

How to use Moodle Book

 
Jaswinder Singh
Jaswinder Singhhttps://lmsdaily.com
I am an experienced Moodle Professional with experience in Moodle Course Creation, Moodle Setup, Moodle Integration, Moodle Training, Moodle Support & troubleshooting. YI am the author of popular books - "How to use Moodle 4.1" and "how to use Moodle 2.7". I work with one goal in mind “CUSTOMER SATISFACTION” – whether this means working to achieve results within a specific deadline (or beating the deadline), or with a focus on solid quality, if my client requires the job to be done I will go out of my way to achieving whatever it is that is necessary to do so. Basically, I can take care of your all Moodle requirements so that you can focus on your core job and I will manage your Moodle LMS.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Popular Posts

Authentica Solutions Raises $6.2M in New Funding to Expand Its Operations

Authentica Solutions, a leader in data integration and intelligence management solutions for the education sector, has recently announced the successful completion of a $6.2...

Moodle Admins – Create custom reports in Moodle using Configurable reports plugin

Moodle LMS is the most popular open source learning management system with more than 420+ million users in the world. Wherever elearning is used...

Moodle Teachers – How to use the Ordering Question type in Moodle

Moodle 4.4 - the latest major version of the Moodle LMS is packed with a lot of exciting new features. One of such is...