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- Awardco
Awardco Valuation, Funding & Investors
Awardco is valued at $1B as of May 2025.
Last Awardco valuation
$1B
Series B · May 2025
Last Awardco funding round
$165M
Series B · May 2025
Cumulative funding Awardco raised
$235M
across 3 funding rounds
Key investors in Awardco
General Catalyst
Ryan Smith
Sixth Street
Spectrum Equity
About Awardco
Awardco is a Lehi-headquartered employee recognition platform integrated with Amazon and other retailers for rewards redemption. Serving 3,000 organizations in 163 countries, it customizes programs to boost engagement and reduce turnover through peer-to-peer recognition and performance incentives. Awardco's dashboard tracks metrics for HR teams at companies like Oracle and Thermo Fisher Scientific.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (May 2025)
Awardco Valuation
Awardco is currently valued at $1B, based on its Series B in May 2025.
The $165M round was led by Sixth Street and Spectrum Equity, with participation from General Catalyst and Ryan Smith.
Awardco's valuation has grown 1.1x from $900M at its Series A in October 2021 to $1B in May 2025, across 2 priced rounds.
Awardco valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2025 | Series B | $1B |
| Oct 2021 | Series A | $900M |
Awardco Funding History
Awardco has raised a total of $235M across 3 funding rounds.
Awardco's first fundraising round was a $5M Series A in January 2020. The most recent completed round was a $165M Series B in May 2025.
Awardco funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2025 | Series B | Sixth Street (lead); Spectrum Equity (lead); General Catalyst; Ryan Smith | $165M | $1B | Awardco is an employee recognition and rewards platform founded in 2015 and headquartered in Lindon, Utah. The company operates a service that allows organizations to reward employees through points that function like cash for shopping, powered by a partnership with Amazon Business offering 300+ million reward options. The platform serves 6 million+ users across 160+ countries and 3,000+ organizations, including major clients such as AT&T, Adobe, Hertz, and Pacific Life. On May 20, 2025, Awardco announced a $165 million Series B funding round led by Sixth Street Growth and Spectrum Equity, with participation from existing investors General Catalyst and Ryan Smith (through his firm HXCO). The round valued the company at over $1 billion, officially establishing Awardco as a unicorn in the HR software space. The company has demonstrated disciplined growth, having quadrupled revenue since its 2021 Series A funding round (which raised $65 million at an $835 million valuation) while maintaining cash-flow neutrality. The company employs nearly 600 people across offices in Utah, London, and planned East Coast operations. The new capital will support product innovation including mobile experiences, expanded program offerings, and integrated consulting and services to enhance its competitive positioning in the employee engagement market. |
| Oct 2021 | Series A | General Catalyst (lead); Ryan Smith (lead) | $65M | $900M | Awardco, an employee recognition and rewards platform founded in 2012 and based in Lindon, Utah, raised $65 million in its Series A funding round on October 28, 2021, led by General Catalyst and Ryan Smith, co-founder of Qualtrics and Utah Jazz majority owner. This marked the largest Series A funding in HR SaaS history, boosting the company's valuation to more than $900 million. The platform integrates with Amazon Business to offer over 300 million reward options, including merchandise, gift cards, and charitable donations, serving enterprises like AT&T, Adobe, Hertz, Pacific Life, Cornell University, and Zillow. Prior to the round, Awardco had bootstrapped to cash-flow positivity while doubling revenue and size annually, signing blue-chip customers and reaching over 3 million global users. General Catalyst Managing Director Paul Kwan highlighted the company's disciplined growth, comparing it to Atlassian and Qualtrics. The funding aimed to accelerate innovation in rewards, recognition, and compensation amid shifts to hybrid work and evolving employee expectations. In a later 2025 Series B, Awardco raised $165 million led by Sixth Street Growth and Spectrum Equity, with participation from General Catalyst and Ryan Smith, surpassing $1 billion valuation. Since the 2021 round, revenue quadrupled while maintaining cash-flow neutrality, growing to nearly 600 employees, 6 million users across 160+ countries, and 3,000+ organizations. Plans included AI enhancements, HRIS integrations, global expansion, and product extensions into engagement and performance. |
| Jan 2020 | Series A | - | $5M | - | - |
Who has invested in Awardco?
4 investors have backed Awardco across its funding rounds, including General Catalyst, Ryan Smith, Sixth Street and Spectrum Equity.
Lead investors include Sixth Street, Spectrum Equity, General Catalyst and Ryan Smith.
Awardco Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2021 | ||
| 2 | Lead | Oct 2021 | ||
This data is available for Pro users. Sign up to see all 4 Awardco investors. Start Free Trial | ||||
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Start Free TrialAwardco Competitors
Awardco competitors include listed companies like Freee and ATOSS Software, and private ones like Assembled, Beamery, Darwinbox and Mesh++.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | $42M | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $214M | $6M | $1.5B | 4.8x | ||
| Publicly listed | $218M | $84M | $1.7B | 6.4x |
Awardco Public Comps
Awardco is still privately-owned, but its public comps include Teamshares, Freee, Nordtech Group, ATOSS Software, AdvancedAdvT, Beisen Holding, Zaggle Prepaid Ocean, Asure Software, DHI Group and TON Strategy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $472M | ($23M) | 1.7x | 1.4x | (35.0x) | 33.2x | |||
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $72M | $15M | 5.1x | - | 25.2x | - | |||
| $218M | $84M | 7.0x | 6.4x | 18.2x | 17.1x | |||
| $72M | $13M | 2.5x | 2.4x | 14.1x | 8.9x | |||
| $165M | $2M | 0.3x | 0.3x | 22.3x | 5.2x | |||
| $199M | $20M | 1.0x | 1.0x | 10.4x | 10.7x | |||
| $141M | $20M | 2.1x | 1.9x | 15.2x | 8.0x | |||
This data is available for Pro users. Sign up to see all Awardco competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Awardco
| When was Awardco founded? | Awardco was founded in 2011. |
| Where is Awardco headquartered? | Awardco is headquartered in Salt Lake City, UT, United States. |
| Is Awardco publicly listed? | No, Awardco is a private, VC-backed company. |
| What is Awardco's valuation? | Awardco was last valued at $1B in its Series B in May 2025. |
| How much funding has Awardco raised? | Awardco has raised $235M across 3 funding rounds. |
| What was Awardco's last funding round? | Awardco's last funding round was a $165M Series B in May 2025, led by Sixth Street and Spectrum Equity. |
| Who are Awardco's investors? | Awardco's investors include General Catalyst, Ryan Smith, Sixth Street and Spectrum Equity. |
| Which companies are comparable to Awardco? | Companies comparable to Awardco include Assembled, Beamery, Darwinbox, Mesh++, Freee and ATOSS Software. |
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