Recognition and rewards platform Bonusly secured $18.9 million in Series B funding led by Ankona Capital. Prior investors FirstMark Capital, Access Venture Partners, and Next Frontier Capital also participated.
Bonusly launched in 2013 and closed a $9 million Series A financing round led by Access Venture Partners in June 2020. The platform helps companies to “build a scalable culture of recognition” by allowing everyone to recognize their direct reports as well as their managers and coworkers frequently.
The company said the most recent funding will be used to further enhance its platform as well as build upon its existing analytics capabilities. It will also invest more in sales and marketing to expand go-to-market activities.
In regards to the increased funding, Bonusly Founder and CEO Raphael Crawford-Marks said that the new capital will enable the company’s further expansion, so that it can help businesses meet the “changing people challenges” of the current market and economy.
In addition, Bonusly captures and analyzes data on how organizations really work, communicate and connect, with the goal of informing HR teams and managers so they can make behavior change throughout their employee population, the company said.
According to the company, organizations need to build an engaged and highly motivated workforce alongside making data-driven decisions to be able to adapt to the volatile economic environment.
In a recent study they found that frequent, authentic recognition of employees’ work can make a difference in engagement and retention. The company found that nearly two-thirds (65%) of employees said they are likely to stay at a job if their coworkers and peers recognize their work, even if they have an unappreciative manager.
As such, the company aims to provide opportunities for real-time recognition to highlight the accomplishments of employees and, therefore, boost engagement and retention.