Bonusly has raised $1 million in seed financing from Bloomberg Beta and FirstMark Capital. According to the firm, the capital will be used for personnel hiring and to build out its platform. Based in New York, Bonusly is a platform that helps companies reward and motivate employees using peer bonuses.
BROOKLYN, NY (DECEMBER 2, 2014) — Bonusly, a Web platform that helps companies reward and motivate employees by using peer-to-peer bonuses, today announced $1 million in seed financing from Bloomberg Beta and FirstMark Capital after bootstrapping since 2012. With the additional funding, the New York-based startup will make key hires in engineering, sales, and customer success, and continue to build out the platform, particularly adding more integrations and advanced analytics.
Bonusly currently has 10,000 active monthly users, enables users to give 22,000 micro-bonuses per month, is growing at a rate of 20 percent month-over-month, and has paying customers on every continent except Antarctica. In fact, 40 percent of micro-bonuses involve a giver or receiver outside of the U.S.
“Year-end bonuses and employee of the month programs just don’t cut it,” said Raphael Crawford-Marks, co-founder & CEO of Bonusly. “Peer-to-peer bonuses are the best way to reward and motivate employees because they are more timely, frequent, and decentralized. They’re also more accurate since peers spend more time working directly with one another.”
ZipRecruiter, a 210-person company based in Santa Monica, CA with a few remote employees scattered around the U.S., started using Bonusly to promote employee interaction and foster a recognition-rich culture. In three months, the team gave out 2,767 bonuses, with 95 percent of users giving bonuses and 94 percent receiving.
“Employees aren’t required to use Bonusly, but everyone does,” said Maria Alparaz, HR Assistant at ZipRecruiter. “Executive leadership loves it, and they end up giving out all their ZipPoints every month.”
Kadence International, a market research and insight agency with 13 employees in its Boston office, implemented Bonusly to increase teamwork, positive feedback, and recognition. In five months, there were 518 bonuses given, with an impressive 100 percent of users giving and receiving bonuses.
Additionally, an internal audit revealed that, since adopting Bonusly, “50 percent of employees say they are more productive, and 58 percent say they are more likely to help their colleagues,” said Wes Patterson, Associate Director at Kadence International.
The company also found that using peer-to-peer bonuses revealed other valuable information. “It highlighted some relationships and dynamics in the office that were otherwise invisible. For example, who is helping whom, and on what. Who works together well,” Patterson said.
Additional case studies can be found at https://bonus.ly/resources.
Bonusly helps companies reward and motivate employees using peer bonuses. It helps boost team motivation with regular positive feedback, recognize top performers with timely peer bonuses and awards, and reward teams precisely by leveraging peer-to-peer interactions to create an effective incentive program. For more information, please visit http://bonus.ly.