Awardco Rockets Past Unicorn Status with a $165 Million Series B

When the venture market feels more like a chilly headwind than a tailwind, securing a nine-figure funding round is no small feat. Yet that’s exactly what our friends (and customers) at Awardco just did.

On May 20, 2025, the Lindon, Utah-based employee recognition powerhouse announced a $165 million Series B funding round led by Sixth Street Growth and Spectrum Equity, with continued support from General Catalyst and Qualtrics co-founder Ryan Smith (through his firm HXCO). The raise vaults Awardco’s valuation past the coveted $1 billion mark, officially cementing its spot in HR tech’s unicorn club. In today’s capital-constrained environment – a far cry from the liquidity-rich days of 2021 – this achievement stands out even more.

Key Highlights

Big New Funding: Raised $165 million in a Series B round led by Sixth Street Growth and Spectrum Equity, with participation from General Catalyst and Ryan Smith.
Unicorn Valuation: The investment pushes Awardco’s valuation above $1 billion.
Notable Previous Round: Raised $65 million in 2021 at a ~$900M valuation.
Global User Base: Used by 6M+ users across 160+ countries and 3,000+ organizations including AT&T, Adobe, Hertz, and Pacific Life.
Massive Rewards Catalog: Offers 300+ million reward options, powered by Amazon Business.
Disciplined Growth: Quadrupled revenue since 2021 while staying cash-flow neutral.
Growing Team: Nearly 600 employees, with offices in Utah, London, and plans for the East Coast.

Defying a Chilly Market

In a world where venture capital has cooled and investor caution is the norm, Awardco’s success is a rare bright spot. Many startups have struggled to raise, especially at favorable terms. But Awardco played it smart — rather than chasing fast money post-Series A, they focused on building a strong, profitable business. The result? A raise on their terms, at a unicorn valuation, while others downsized.

As CEO Steve Sonnenberg put it,

“We put our heads down, built great products, stayed customer-obsessed, and hired the best people. That gave us the ability to raise on our terms.”

Revolutionizing Employee Recognition

Awardco stands out for more than just its balance sheet. The company is reimagining how organizations recognize and reward their people. With 300 million+ customizable rewards, peer-to-peer shoutouts, milestone celebrations, and integrations across tools like Slack and Microsoft Teams, the platform makes appreciation easier and more meaningful than ever.

And it’s not just nice-to-have.

“Recognition is no longer a nice-to-have—it’s a strategic imperative,” said Sixth Street’s Nari Ansari.

Awardco is proving that meaningful appreciation builds belonging—and business outcomes.

What’s Next for Awardco?

With fresh capital in hand, Awardco is expanding its vision. Next up: transforming from a rewards platform into a full employee engagement hub. Think real-time feedback loops, pulse surveys, and AI-driven nudges that ensure moments of recognition happen when they matter most.

The company is also ramping up international growth, building out its team, and investing in product innovation. Its London office has laid the foundation for EMEA growth, and plans for a U.S. East Coast presence are underway.

As co-founder Tanner Runia put it,

“Our mission isn’t changing—it’s expanding.”

Congratulations to Awardco

All of us at Masset couldn’t be more thrilled for the Awardco team. We’ve had the privilege of watching this company grow from a bold idea into an industry leader, and we’ve seen firsthand the positive impact Awardco has on workplace culture.

Achieving unicorn status is a well-deserved milestone for co-founders Steve Sonnenberg, Tanner Runia, and the entire Awardco crew – a testament to their hard work, vision, and relentless commitment to excellence.

Congratulations, Awardco, on your $165M raise and new $1B+ valuation!
We’re proud to call you friends and honored to be your partner on this journey. Here’s to your continued success in transforming how the world recognizes and rewards great work. Keep shooting for the stars! 🚀

Want to hear it from the source? Watch their official announcement video: “Awardco Raises $165 Million, Surpasses $1 Billion Valuation” on YouTube.

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