Latest news with #Awardco
Axios
24-05-2025
- Business
- Axios
Awardco raises $165 million Series B
Awardco announced Tuesday it has raised a $165 million Series B, valuing the employee rewards platform at more than $1 billion. Why it matters: It's another HR software business that's been able to raise money in an otherwise uncertain market. Rippling raised $450 million earlier this month, bringing the HR-software company's valuation to almost $17 billion. Zoom in: Sixth Street and Spectrum Equity joined General Catalyst and Ryan Smith as investors in Awardco. The company closed a $65 million Series A in 2021 at an $835 million post-money valuation, according to PitchBook. How it works: Awardco is a service that allows employees to be rewarded through points that can then be used like cash to shop online. Awardco touts five million users and the corporate clients AT&T, Pacific Life, and Adobe.
Reuters
20-05-2025
- Business
- Reuters
Employee-rewards company Awardco secures $1 billion valuation after latest funding round
May 20 (Reuters) - Employee-rewards platform Awardco said on Tuesday it has raised $165 million in a funding round led by investment firms Sixth Street Growth and Spectrum Equity, pushing its valuation to more than $1 billion. Existing investors General Catalyst and Qualtrics' co-founder Ryan Smith also participated in the series B round. The investment marks a step up from the Utah-based company's $900 million valuation in 2021, when it had raised $65 million in one of the largest series A rounds in the HR software as a service (SaaS) sector. With the fresh capital infusion, Awardco aims to broaden its rewards and recognition platform with additional solutions for employee engagement and performance, leverage AI to gain deeper workforce insights and automation, improve integration with HR information systems and scale its global infrastructure. Awardco allows companies to move beyond traditional compensation by offering recognition, rewards and professional development options to employees. Its clients include U.S. telecom giant AT&T (T.N), opens new tab and Photoshop maker Adobe (ADBE.O), opens new tab. The company has grown to more than six million users across 163 countries and offers over 300 million reward options.
Yahoo
20-05-2025
- Business
- Yahoo
Employee-rewards company Awardco secures $1 billion valuation after latest funding round
(Reuters) -Employee-rewards platform Awardco said on Tuesday it has raised $165 million in a funding round led by investment firms Sixth Street Growth and Spectrum Equity, pushing its valuation to more than $1 billion. Existing investors General Catalyst and Qualtrics' co-founder Ryan Smith also participated in the series B round. WHY IT IS IMPORTANT The investment marks a step up from the Utah-based company's $900 million valuation in 2021, when it had raised $65 million in one of the largest series A rounds in the HR software as a service (SaaS) sector. With the fresh capital infusion, Awardco aims to broaden its rewards and recognition platform with additional solutions for employee engagement and performance, leverage AI to gain deeper workforce insights and automation, improve integration with HR information systems and scale its global infrastructure. CONTEXT Awardco allows companies to move beyond traditional compensation by offering recognition, rewards and professional development options to employees. Its clients include U.S. telecom giant AT&T and Photoshop maker Adobe. BY THE NUMBERS The company has grown to more than six million users across 163 countries and offers over 300 million reward options.
Yahoo
20-05-2025
- Business
- Yahoo
Awardco Raises $165 Million, Surpasses $1 Billion Valuation
Sixth Street Growth and Spectrum Equity join existing investors General Catalyst and Ryan Smith, Partner at HXCO, in a strategic round of financing to fuel a new era in the employee rewards, recognition and engagement space. SALT LAKE CITY, May 20, 2025 /PRNewswire/ -- Awardco announced today a $165 million Series B round of funding with a valuation that eclipses $1 billion, further solidifying its leadership and innovation in the employee rewards and recognition space. By powering recognition for customers like AT&T, Pacific Life, Adobe, and Hertz, Awardco has grown to over six million users across 163 countries and offers more than 300 million reward options. This rapid expansion is reshaping employee experience worldwide and positioning Awardco as the leading force in workplace technology. With this new investment, the company will broaden its rewards and recognition platform with additional solutions for employee engagement and performance, leverage AI to drive deeper employee insights and automations, enhance HRIS and partner integrations, and scale its global infrastructure to power the next era of work. "We're transforming work by making recognition a seamless part of everyday culture and the engine that powers employee engagement," said Steve Sonnenberg, Co‑Founder and CEO of Awardco. "This investment also allows us to further scale the world's largest configurable rewards marketplace, empowering organizations to recognize employees in ways that are meaningful, flexible, and truly valued." "Our mission isn't changing, it's expanding," said Tanner Runia, President and Co‑Founder of Awardco. "Guided by our customers' evolving needs, we're taking recognition into new areas where it's delivering even greater impact. We enter this next phase from a position of strength, with sustained high growth and a cash‑flow‑positive business, focused on executing at an even larger scale." In addition to this exceptional expansion of capabilities, Awardco's new London office has fueled rapid growth across the EMEA market, further reinforcing its global momentum as the leader in employee rewards and recognition. As more organizations increasingly turn to Awardco for recognition, engagement and incentives, the platform has solidified its reputation as a true culture engine—earning a place among G2's Top 100 Software Products. "Recognition is no longer a nice-to-have—it's a strategic imperative," said Nari Ansari, Managing Director and Susie Liu, Vice President at Sixth Street Growth. "Awardco is leading the way with a scalable, global-first platform that serves organizations of all sizes, and we're excited to partner with the team during this next phase of growth." "Awardco's rapid innovation, exceptional customer satisfaction, and flexible platform set it apart," said Adam Gassin, Principal at Spectrum Equity. "Organizations across industries are using Awardco to rally teams around their top strategic, operational, and cultural priorities, and we're excited to help accelerate the company's vision for its customers and the category." Awardco's leadership also continues to grow through bold initiatives like the annual RCGNZ Summit in Park City, Utah, one of the premier events in HR Tech. With new capital and a bold vision, Awardco is building a world where work is more meaningful, connected, and rewarding. Union Square Advisors LLC acted as financial advisor to Sixth Street Growth in connection with the investment. About Awardco Awardco builds culture, incentivizes behavior, and powers modern engagement through employee recognition and rewards. Trusted by 3,000+ organizations, including Fortune 500 leaders, Awardco offers the world's largest reward network—no hidden fees, no inflated markups. With the flexibility to create recognition, incentive, milestone, and behavior-driven programs, Awardco drives engagement, improves retention, and delivers significant cost efficiencies. The company is headquartered in Lindon, Utah. Learn more about Awardco at About Sixth Street GrowthSixth Street Growth makes investments in mid- and late-stage technology companies. The Sixth Street Growth team partners with founders and management teams to provide differentiated capital solutions to accelerate organic and inorganic growth. Sixth Street Growth is the dedicated growth investing platform of Sixth Street, a leading global investment firm with over $100 billion in assets under management and committed capital. Sixth Street has invested over $10 billion in more than 70 companies through its Growth franchise since inception. Select Sixth Street Growth investments include Airbnb, AvidXchange, Bloomreach, Clio, Gainsight, Kaseya, Keyfactor, MasterControl, MDLIVE, Seeq, Spotify, Stripe, and Sprinklr. For more information, visit and follow Sixth Street on LinkedIn. About Spectrum EquitySpectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading software, data, and consumer internet businesses. With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include AllTrails, Ancestry, Definitive Healthcare, GoodRx, Lucid Software, Origami Risk, SurveyMonkey, Teachers Pay Teachers, and Verafin. Learn more about Spectrum Equity at Media Contact:press@ View original content to download multimedia: SOURCE Awardco Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
20-05-2025
- Business
- Wall Street Journal
Awardco Valuation Passes $1 Billion With Latest Private-Equity Bet
Sixth Street Partners led a $165 million minority investment alongside Spectrum Equity to back the growth of Awardco, pushing the employee-rewards company's valuation to more than $1 billion. The latest cash infusion marks a step up from the Lindon, Utah, company's roughly $900 million valuation in 2021, when it raised $65 million from venture-capital firm General Catalyst and tech entrepreneur Ryan Smith, also owner of the National Basketball Association's Utah Jazz franchise. That deal provided the company with its first institutional capital.
