Achievers (formerly I Love Rewards) has announced that it has secured $24.5 million in a Series C financing, led by Sequoia Capital with existing investors, JLA Ventures, GrandBanks Capital and the Ontario Venture Capital Fund (Managed by NorthLeaf Capital). Achievers plans to accelerate its sales and marketing initiatives as well as further develop its award-winning product in order to continue innovating the 100-year-old employee rewards and recognition industry.
“We are thrilled to add Sequoia Capital as a business partner,” said Razor Suleman, Founder and CEO of Achievers. “Sequoia shares our belief that great companies are built by great people; people that are focused on customer happiness. With this round of financing, we will be able to scale our culture, partner with more customers and execute on our mission which is to Change the Way the World Works.”
FY’2011 Achievers Facts:
— 105% increase in monthly revenue over the last 12 months
— Total funding $38 M
— Headquartered in San Francisco and Toronto
“Employee rewards and recognition is a $48 billion industry that is highly fragmented, largely manual and lacking in the metrics to prove-out the ROI,” said Alfred Lin, a Partner at Sequoia Capital and board member at Achievers. “Achievers’ customer centric business model and SaaS technology platform is on a path to disrupt this market. We’re excited to join Achievers to meet the demands of the modern workplace.”
Achievers provides a multilingual solution with 24/7 support, and through Sequoia’s investment, the company will seek to aggressively accelerate market share to realize their vision of becoming the global leader in employee rewards and recognition solutions. The Achievers platform is available to organizations between 500 employees up to Fortune 500 companies looking to enhance employee engagement.