Bye bye, bootstraps: PerkSpot raises $50M to grow its team and platform

by Michael Hines
August 8, 2018
PerkSpot $50 million funding
PHOTO VIA PERKSPOT ON FACEBOOK

After 12 years, PerkSpot has ripped off its bootstraps.

The company, whose technology lets employers offer retail discounts as a benefit, announced on Wednesday that it has raised $50 million from Susquehanna Growth Equity. The VC firm’s managing director, Scott Feldman, and director, Josh Elser, will join PerkSpot’s board.

“We are excited to partner with SGE, who share our vision and growth aspirations for PerkSpot,” said founder and Executive Chairman Chris Hill in a statement. “In leveraging SGE’s capital and deep expertise, we will continue expanding the service we provide to millions of employees.”

When a company joins PerkSpot’s platform, their employees get access to exclusive discounts from a wide variety of companies, including Apple, Target and Sprint. Last year, PerkSpot let companies integrate their rewards and recognition programs into the platform, allowing companies to reward employees with credits that can be spent on gift cards.

The company was coy about what it would use the funding for, but it does appear that hiring and product development are part of its plans.

The key to our success thus far has been attracting top talent that are committed to winning the right way.”

 

“The key to our success thus far has been attracting top talent that are committed to winning the right way and putting our clients first,” said CEO Jace Mouse in a statement. “This investment is a testament to our employee-focused product strategy, and we look forward to the opportunity it brings by growing our team and product suite to provide even more benefits to employees in the future.”

PerkSpot’s $50 million round is the most a Chicago tech company has raised this summer. In fact, it’s one of the biggest funding rounds the city has seen all year.

Susquehanna Growth Equity also led another one of the year’s largest funding rounds: Evive’s $43 million raise that saw the health tech company also officially lose its bootstraps.

“We are thrilled to be working with Chris, Jace and the PerkSpot team,” said Feldman in a statement. “PerkSpot has been built the right way, and we are excited to be a part of its incredible growth story.”

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