The startup YouEarnedIt has announced a $6.5 million Series A round of funding today, led by Austin-based Silverton Partners and San Francisco-based IDG Ventures USA.
Founded in Austin in 2013, YouEarnedIt’s HR software provides a centralized, customizable platform for employee recognition and engagement. Colleagues can offer real-time peer recognition for one another using a newsfeed feature, and can also submit awards, give feedback and run metric reports.
"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,” Autumn Manning, CEO of YouEarnedIt, said in a statement. “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."
Since launch, YouEarnedIt’s solution has reached over 100,000 users with minimal customer churn, leading to 100 percent year-over-year revenue growth. Additional clients include Anheuser-Busch, NBC Universal, Santander, Conde Nast, Whole Foods, Zuora, Hasbro and J. Walter Thompson.
“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,” Mike Dodd, a partner at Silverton Partners, said in a statement. “The executive team at YouEarnedIt has a proven track record and Silverton is excited to be part of another Austin growth story.”
This funding round will be used toward expanding the company’s marketing and sales efforts while furthering product development. Existing investors also contributed to the round including WPP, Social Starts, the Motley Fool and Capital Factory.
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