Bonusly Raises $18.9 Million in Series B  

by Kay Aloha Villamor in March 1st, 2023

Bonusly, a Boulder, Colorado-based engaging recognition and rewards platform that connects teams and enriches company culture, announced that it raised $18.9 million in Series B funding.

The round was led by Ankona Capital, with participation from FirstMark Capital, Access Venture Partners, and Next Frontier Capital.

The new funding will be used to enhance its recognition platform and continue to further build out its analytics capabilities. The company will also invest in sales and marketing to further expand go-to-market activities.

"This new capital will enable us to expand and build on the strong foundation we have in place, enabling companies to meet the constantly changing people challenges of today's volatile economy," said Raphael Crawford-Marks, founder and CEO of Bonusly. "Since our Series A, we have seen our valuation more than triple, despite the multiple compression that has occurred in today's market—a strong recognition of the value we already provide and the even greater opportunity that lies ahead. We're just getting started."

The Bonusly platform creates a culture of recognition in which employees receive two meaningful, timely, and detailed recognition from peers and managers on a weekly basis. Its platform empowers real-time recognition to highlight accomplishments big and small in a very positive and public way, which fosters stronger cultures and builds resilient companies.

The company also provides strong support for an organization's diversity, equity, and inclusion (DEI) programs by recognizing and encouraging inclusiveness.

Additionally, Bonusly's recognition platform captures and analyzes a treasure trove of real-time data on how organizations really work, communicate, and connect, informing HR teams and managers so they can make powerful behavior change throughout an employee population.

Company: Smartly, Inc.

Raised: $18.9M

Round: Series B

Funding Month: February 2023

Lead Investors: Ankona Capital

Additional Investors: FirstMark Capital, Access Venture Partners, and Next Frontier Capital

Company Website:

Software Category: Engagement Software

About the Company: Bonusly is a Saas platform that helps companies reward and recognize employees by using peer-to-peer bonuses. They enable employees to create recognition and reward-based company culture through the exchange of instant micro-bonuses. It helps celebrate everyday contributions and key milestones, automate time-consuming HR admin processes, incentivize participation in company initiatives, and offer digital rewards for its team members. Bonusly's engagement software is easy to use and enables companies to build stronger connections among and between teams. It also provides exclusive insights at the individual, team, and company levels, empowering managers to make informed decisions regarding culture, professional growth, performance management, and employee retention. Bonusly is ranked by G2 as No. 1 in Employee Recognition and No. 3 in Employee Engagement and it is used by top-tier companies including Chobani, ZipRecruiter, Pender Veterinary, and SDMI.


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