Awardco Raises $ 65 Million in Series A Funding to Accelerate Rewards and Recognition Revolution

Since its inception in 2012, Awardco has generated positive cash flow while doubling in size and revenue every year. Managing Director Catalyst Paul kwan, who led the company’s investment, underscored this approach: “Awardco has grown an impressive enterprise software company while starting it from scratch. This is especially rare in today’s market where the dominant mindset is often growth at all costs. Awardco’s DNA is reminiscent of Atlassian and Qualtrics, two other bootstrap companies I have had the privilege of working with. “

Operating under a model that emphasizes financial discipline and maximizing value for clients, this funding round advances Awardco’s vision for the future of work by becoming the global market for loyalty spending and incentive. This vision was launched with a partnership with Amazon Business which enables Awardco to provide dollar-for-dollar value and almost limitless choice of rewards to customers. It has also led to a software platform with unmatched flexibility and all-in-one simplicity to meet all the incentive needs of the modern workplace, including recognition, milestones and professional development.

Awardco transforms employee rewards, recognition and compensation while promoting value-based behavior. Its network and platform have already accumulated a customer list of more than 1,000 companies in 141 countries. Over 3 million employees from companies like L3Harris Technologies, Texas Roadhouse, Hertz and Zillow have received over 9 million recognitions using the Awardco platform in the past year. Organizations that use Awardco to grow their culture during the workday generate positive reinforcement every 0.8 seconds.

In addition to General Catalyst, Ryan smith, co-founder and executive chairman of Qualtrics, also supported Awardco. “Everything about the way we work has changed over the past two years. Yet the way we recognize, manage and compensate people has remained the same for too many companies. It’s so impressive to see how Awardco is helping companies adapt to the future. It also helps that Awardco helps that of Utah vibrant tech community right here at Silicon Slopes. “

About Awardco
Awardco encourages behavior and builds a corporate culture through value-driven recognition and rewards. It’s the only employee recognition and total rewards platform to partner with Amazon Business to bring the power of Amazon to incentive programs for organizations of all sizes. Offering millions of products, hotels via Priceline, event tickets, gift cards, giveaways and personalized catalogs, Awardco is the largest rewards network on the planet, all at no markup. Coupled with the flexibility to create a number of recognition, incentive, milestone, or behavior-based programs, Awardco’s platform builds employee loyalty. For more information, visit us online at price.co.

About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive and lasting change – for our entrepreneurs, investors, employees and society. We support founders with a long-term vision that challenge the status quo, partnering with them from seed to growth and beyond to create businesses that stand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the company has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, HubSpot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe and Warby parker. For more: generalcatalyst.com.

SOURCE Awardco

Related links

http://www.award.co

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