Illustration: Rebecca Zisser/Axios
Awardco announced Tuesday it has raised a $165 million Series B, valuing the employee rewards platform at more than $1 billion.
Why it matters: It's another HR software business that's been able to raise money in an otherwise uncertain market.
- Rippling raised $450 million earlier this month, bringing the HR-software company's valuation to almost $17 billion.
Zoom in: Sixth Street and Spectrum Equity joined General Catalyst and Ryan Smith as investors in Awardco.
- The company closed a $65 million Series A in 2021 at an $835 million post-money valuation, according to PitchBook.
How it works: Awardco is a service that allows employees to be rewarded through points that can then be used like cash to shop online.
- Awardco touts five million users and the corporate clients AT&T, Pacific Life, and Adobe.
What they're saying: "This investment also allows us to further scale the world's largest configurable rewards marketplace," co-founder and CEO Steve Sonnenberg says.
