The Series A funding helps Awardco attain a $900M valuation. Here are the top-line bullets you need to know.
Awardco, an employee recognition and engagement platform, has raised $65.2M in a Series A that drew participation from General Catalyst, among others.
HOW’S THE COMPANY PERFORMING
- Utah-based Awardco helps companies go beyond traditional methods of compensation by allowing them to provide employees with recognition, rewards, and professional development.
- The company has reportedly catered to more than 1,000 companies, supported by 3M employees spread across 141 countries. Its clients include Texas Roadhouse, Hertz, L3Harris Technologies, Vivint, and Zillow, among others.
- It claims to have processed 9.1M recognitions over the past year. Its Amazon and Priceline partnerships allow the company to provide event tickets, hotel products, swag, gift cards, and custom catalogs as rewards.
- Since its inception, the company has reportedly had positive cash flow. It has also doubled its team size and annual revenue.
WHY DOES THE MARKET MATTER?
- The global employee engagement & feedback software market is projected to grow at a CAGR of 11.8% and reach a value of $1.9B by 2027, according to BlueWeave Consulting.
- The advancement of AI and ML technologies has contributed to market growth, as they allow for the collection and tracking of employee performance as well as the optimization of learning and growth outcomes.
- Enterprises of all sizes are looking to retain employees by using employee engagement tools that record real-time employee feedback.