SGE invests $50 mln in HR tech platform PerkSpot


Chicago-based PerkSpot, an HR technology platform, has secured $50 million in funding. The investor was Susquehanna Growth Equity.

PRESS RELEASE

CHICAGO, Aug. 8, 2018 /PRNewswire/ — PerkSpot (the “Company”), a rapidly-growing Chicago-based HR technology platform, today announced a $50 million growth equity investment from Susquehanna Growth Equity (SGE). The funding marks the first outside investment for PerkSpot.

PerkSpot’s private marketplace helps millions of employees save money on a variety of goods and services. Offered as a benefit through employers, employees can save an average of $2,300 each year on purchases big and small. With exclusive discounts on brands such as Apple, Samsung, AMC Theatres, and Target, employees are enabled to stretch their payroll dollars in a meaningful way. The company was founded in 2006 in Chicago, IL.

“We are excited to partner with SGE, who share our vision and growth aspirations for PerkSpot,” said Chris Hill, Founder and Executive Chairman of PerkSpot. “In leveraging SGE’s capital and deep expertise, we will continue expanding the service we provide to millions of employees from clients like Southwest Airlines, Walgreen’s, Adventist Health System, and Spotify.”

PerkSpot is an easy way for employers to support the financial wellness of their employees. According to Willis Towers Watson, 48% of employees are worried about their current financial state, highlighting the need for financial focused benefits. Over the past two years, PerkSpot has grown to over 750 clients and nearly tripled its revenue by focusing on employee needs. The Company expanded its offering last year to integrate employers’ rewards and recognition programs, bringing even more savings and meaning to every dollar they spend.

“The key to our success thus far has been attracting top talent that are committed to winning the right way and putting our clients first,” said Jace Mouse, PerkSpot’s CEO. “This investment is a testament to our employee-focused product strategy, and we look forward to the opportunity it brings by growing our team and product suite to provide even more benefits to employees in the future.”

The partnership with SGE comes at a tremendous period of opportunity for PerkSpot, as it seeks to scale offerings that empower employers to do more for their employees.

“We are thrilled to be working with Chris, Jace and the PerkSpot team,” said Scott Feldman, Managing Director at SGE. “PerkSpot has been built the right way, and we are excited to be a part of its incredible growth story.” SGE’s Scott Feldman and Josh Elser, Director, will join the PerkSpot board in conjunction with the investment.

About PerkSpot
PerkSpot’s marketplace helps employees save time and money when making important purchasing decisions. With thousands of exclusive discounts from top brands, PerkSpot is a popular employee benefit and simple solution for employer-sponsored rewards and recognition programs. PerkSpot plays an important role in promoting employee financial wellness and helping employers attract, engage, and retain their talent. To learn more about PerkSpot, visit their website at www.perkspot.com.

About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. SGE is backed by a unique and patient source of capital, which enables the firm to give management teams and entrepreneurs freedom and flexibility to maximize growth. The firm has invested in over 40 companies over the last 12 years, and has portfolio companies across the US, Canada, EU, and Israel. To learn more, please visit www.sgep.com.

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