AUSTIN, Texas, Jan. 31, 2017 /PRNewswire/ -- YouEarnedIt, the Austin-based SaaS company known for revolutionizing how companies drive employee engagement and bottom-line performance metrics, today announced the close of a $6.5 million Series A funding to fuel product development across their engagement platform and grow their sales and marketing efforts.
The Series A financing is co-led by Austin-based Silverton Partners and San Francisco-based IDG Ventures USA, an independent early-stage firm that's part of a global network of IDG-affiliated venture capital funds with over $3 billion under management. 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. 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," said Alexander Rosen, Managing Director of IDG Ventures USA. "Companies have prioritized finding partners and solutions that understand the importance of driving results through a highly engaged and motivated workforce. We found this partner in YouEarnedIt and are impressed with the growth and results they are delivering to some of the world's most competitive and compelling companies."
Since launching in October 2013, YouEarnedIt has held true to its "employee-first" philosophy to driving employee engagement and attributes high user engagement with the platform, minimal customer churn and upwards of 100 percent year over year revenue growth to staying true to the focus on building a platform that gets at the heart of what today's employees need to engage and perform. Rather than the traditional top-down approach to the employee experience and HR tools, YouEarnedIt's 100,000+ end-users are more motivated at the office by having a meaningful role in real-time peer recognition and earning rewards for behaviors aligned with both their employer's business objectives and individual needs.
"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," said Mike Dodd, a partner at Silverton Partners. "Over the past three years, I've watched the growth of the team, the customer base and the impact of the platform not only here in Austin but also globally. The executive team at YouEarnedIt has a proven track record and Silverton is excited to be part of another Austin growth story."
The new funding will enable YouEarnedIt to expand capacity, drive innovation through new product development and support sales and marketing initiatives to position YouEarnedIt as a stand-out platform within the growing HR Technology space.
"We're elated to have the backing from IDG Ventures and Silverton. From early in the conversations, it was clear both firms saw our unique philosophical approach and supported our vision of building an engagement and performance platform owned and managed by employees. This is the only way to drive real change across the organization, and customers like Whole Foods, Zuora and Hasbro are showing this commitment to their employee base. Both partners bring a wealth of operational experience to the mix that will assist us through this next phase of growth," said Autumn Manning, CEO of YouEarnedIt. "Our primary product focus in 2017 is to enhance the feedback mechanisms 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."
About YouEarnedIt YouEarnedIt is a SaaS HR technology platform that redefines the way companies engage with their employees. By providing a platform to connect, reward, reveal, and report in real-time, YouEarnedIt can consolidate employee engagement initiatives into one, easy to use mobile platform for teams of all sizes. Since launching in 2013, YouEarnedIt has delivered its flexible software to small enterprises and Fortune 500 brands across several industries. Visit youearnedit.com for more information or to schedule a demo.