Bonusly Secures $18.9M for Its Employee Rewards Platform
Retaining employees is a top priority for most companies. Several tech companies already struggle to find key employees like software engineers and developers, and some experts expect the problem will only get worse. According to market research firm IDC, there will be a shortage of 4 million developer by 2050. Coupled with the high cost to recruit talent, companies are looking at new solutions to retain their current employees.
Boulder-based Bonusly is helping companies solve this issue with its engagement software. It also raised an $18.9 million Series B round led by Ankona Capital this week.
Bonusly’s platform encourages employees to recognize and highlight their coworkers. Doing so gives them points that they can exchange for rewards, like gift cards. According to the company, recognizing employees can boost morale and also provides valuable data for managers to better understand their teams.
“Bonusly customers see significant, measurable improvement in employee engagement and morale with Bonusly,” Newth Morris, a managing director at Ankona Capital, said in a statement. “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.”
With the fresh funding, Bonusly will invest in its sales, marketing and go-to-market efforts. The company said it will also continue to develop its engagement platform.
“This new capital will enable us to expand and build on the strong foundation we have in place, enabling companies to meet the constantly changing people challenges of today’s volatile economy,” Raphael Crawford-Marks, founder and CEO of Bonusly, said in a statement.
Prior to its latest raise, Bonusly secured $9 million in a Series A round back in 2020. Crawford-Marks said Bonusly has seen its valuation more than triple since its Series A raise.