December 2, 2014
Brooklyn-based Bonusly, the company behind the Web platform that helps companies replace traditional bonuses with peer-to-peer bonuses, announced this morning that it has raised $1 million in seed funding. This is the first kind of institutional financing for the company, which has been bootstrapping since 2012.
The seed funding comes from Bloomberg Beta and FirstMark Capital. According to the company, the funds will enable Bonusly to make additional hires in engineering, sales, and customer relations, as well giving them the resources necessary for building out their platform with more integrations and advanced analytics.
“Year-end bonuses and employee of the month programs just don’t cut it,” said cofounder and CEO Raphael Crawford-Marks in a statement.“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.”
Bonusly gives companies a tool that allows their employees to motivate other team members through a peer-based rewards program. The platform enables peers to recognize the hard work of other peers through timely peer bonuses and awards. Not only does this replace an archaic bonus model, but provides companies with a a new way to boost overall team motivation.
The Web platform currently has 10,000 active monthly users, amounting to 22,000 micro-bonuses given out per month. Bonusly’s user base is growing at a rate of 20 percent month-to-month and spans across the globe (with the exception of Antarctica).
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