Today we’re excited to announce that Awardco has raised $165 million in Series B funding led by Sixth Street Growth and Spectrum Equity, with continued support from General Catalyst and Ryan Smith, Partner at HXCO. This raise now values Awardco at over $1 billion. This moment, however, isn’t about dollars or valuation. A decade of groundwork got us here, and now we’re accelerating our push to redefine employee recognition and engagement.

Why recognition still needs reinventing

Employee engagement is at an 11-year low, draining $8.9 trillion in global productivity each year (Gallup, 2023). Recognition remains the most reliable way to close that gap, yet many companies still depend on sporadic service awards, clunky catalogs with hidden markups, and outdated tools that don’t meet the needs of today’s workforce.

When COVID-19 reshaped work, thousands of companies turned to Awardco to keep their people visible and motivated. Since then, work has only grown more distributed and purpose driven. Employees now expect meaningful recognition wherever they work, especially those on the front line—retail associates, nurses and healthcare workers, manufacturing technicians, drivers, and more.

Today, Awardco powers recognition for over 3,000 organizations and over six million users across 163 countries—from small businesses and nonprofits to high-growth companies and global enterprises like AT&T, Pacific Life, Adobe, and Hertz. This isn't just growth, it's proof that a better way to recognize and engage employees is a business necessity for every organization, regardless of size, location, or industry. And that mission will continue to guide everything we do.

Recognition for the way work happens now

As economic and geopolitical shifts continue to reshape the workplace, the need for real-time, flexible, and inclusive recognition has never been greater. Outdated systems can’t keep up. Bridging this gap across every type of workforce isn’t just important—it’s essential. That’s exactly what Awardco is built to do.

Over the past decade, we’ve forged a new path in employee recognition, one that replaced antiquated platforms with a modern, software-first approach. We were the first in the industry to integrate directly with Amazon Business through its API, unlocking a global rewards network unlike anything that came before it. By removing the markups and hidden fees that defined traditional vendors, we set a new standard for transparency, scalability, and choice.

With a modular platform focused on five key areas—Recognition, Celebrations, Incentives, Benefits & Perks, and Rewards—Awardco delivers flexibility for any recognition strategy. Whether it’s real-time appreciation in Slack or Teams, milestone moments on autopilot, behavior-driven incentives, or flexible wellness budgets, Awardco adapts to every use case. Our global marketplace offers hundreds of millions of reward options, supported by seamless fulfillment, tax compliance, and logistics infrastructure.

Recognition with Awardco isn’t a one-off experience or standalone tool. It integrates directly into the systems companies already use, including HRIS, performance, communication, and finance platforms, making it part of the everyday flow of work. With features like A‑Pay, External Recognition, and AwardCodes, recognition reaches employees wherever they are. And with AI powering insights, nudges, translations, and approvals, every recognition moment becomes more timely, inclusive, and impactful.

From recognition to results: what’s next

Recognition has always been our foundation, and it still is. But the next chapter is about expanding its reach and multiplying its impact. We’re transforming recognition from a moment of appreciation into a driver of sustainable retention and organizational momentum.

Later this year, we’ll introduce employee listening and pulse tools that translate feedback into immediate, meaningful action, with recognition at the center of the loop. These new capabilities will help organizations not just hear their people, but respond in ways that build trust, boost morale, and strengthen connection. With AI-powered insights, companies will be able to tie recognition directly to outcomes like retention, performance, and engagement, closing the gap between sentiment and action.

We’re also broadening how recognition supports performance across teams. Through new tools like challenges and goal tracking, organizations will be able to align recognition more directly with behaviors that drive results, whether in sales, enablement, frontline roles, or beyond.

To make this even more accessible, we’re continuing to innovate on out-of-the-box recognition program types that support key moments across the employee journey—from onboarding and development milestones to manager enablement and flexible reward budgets.

Awardco will always be employee rewards and recognition first. But with every evolution, we’re building a more complete system. One that listens, learns, and acts through recognition to build culture, incentivize performance, and power engagement for companies all over the world.

Looking forward

This is more than a milestone. It’s a launchpad for what comes next. In the months ahead, we’ll be rolling out new mobile experiences, expanded program offerings, and smarter, more packaged value, combining product innovation with deeper consulting, thought leadership, and services to support organizations at every stage.

To our customers, partners, and team: thank you. Your support fuels everything we do. We’re excited for what’s coming, and we’re just getting started.