Bonusly announced a $9 million Series A today for its rewards and recognition app. The rewards and recognition category is both mature and crowded. Like every app on the fringes of employee engagement, Bonusly seems to be targeting its messaging to employee experience and now in the midst of the COVID-19 crisis toward keeping employees connected. The competition is fierce in this category. Employee engagement and employee experience have moved on to platforms more inclusive of what looks like the more broad talent management space, including people analytics. Employee recognition is something being addressed in every talent management and HCM suite/platform provider. Rewards tend to drive the early traction in the category. These apps tend to be liked by investors because of the product catalog integrations that create a true e-commerce marketplace. Sound business execution tends to allow vendors in this category to scale through early stages, given the middle market’s propensity toward apps that require little maintenance.

 

Source: Bonusly Series A Funding Highlights Demand for Employee Recognition That Drives Engagement and Enriches Culture