YouEarnedIt Tuesday announced it has received $6.5 million in funding.
The Austin-based startup plans to use the funds to further product development on its software as a service human resources rewards platform, sales and marketing. Silverton Partners, based in Austin, and IDG Partners, based in San Francisco, led the Series A round. Existing investors include WPP, Social Starts, the Motley Fool and Capital Factory.
“The business of getting work done has changed dramatically, and the need to meet these new models in a way that drives meaningful results is more important than ever,” Alexander Rosen, managing director of IDG Ventures USA. “We have a huge network of enterprise buyers of software, and unique method for employee engagement that the YouEarnedIt platform offers resonated with us. Plus, we are super excited about this management team and its vision to improve work and its outcomes.”
YouEarnedIt, which launched in 2013, has more than 100,000 users on its platform, which provides rewards to employees who meet criteria set by their employers. Its customers include Turner Construction, Anheuser-Busch, NBC Universal, Santander, Conde Nast, J. Walter Thompson and others.
“YouEarnedIt took a strong stance in its commitment to solving the real problem for employee engagement and performance and asked, “What does the employee need, and how is this different than what is being offered through the traditional HR tools that exist today?” By focusing on the employee, YouEarnedIt can deliver better results for businesses and stay committed to driving real change for the employee,” Mike Dodd, partner at Silverton Partners, said in a news release.
Previously, YouEarnedIt raised $1.5 million in seed stage funding in 2014.
“Our primary product focus in 2017 is to enhance the feedback mechanism and increase the level of actionable insights for our users and customers so they can continue to improve their impact and performance individually and across their teams,” Autumn Manning, CEO of YouEarnedIt, said in a news release.