The widespread problem of employee disengagement and lack of meaningful recognition undermines workplace morale and productivity. Awardco, the Utah-based employee rewards and recognition platform, enables organisations to deliver personalised and flexible rewards to employees globally, helping foster a culture of appreciation, improve retention, and boost employee satisfaction and performance across traditional, remote, or hybrid work environments.
Earlir this week, Awardco has closed a significant $165 million Series B funding round, catapulting its valuation past the $1 billion mark and cementing its status as a leader in the workplace technology space. The round was backed by Sixth Street Growth, with Union Square Advisors LLC serving as the financial advisor.
The funding announcement marks a pivotal moment in Awardco’s journey, underscoring its accelerating global footprint and technological innovation in employee engagement. Already trusted by over 3,000 organisations, including industry giants such as AT&T, Adobe, Hertz, and Pacific Life—Awardco is rapidly reshaping how companies approach employee recognition. Its platform supports more than six million users across 163 countries and offers 300 million reward options, from merchandise to experiences, all with transparent pricing and no markups.
Brainchild of founders with expertise
Awardco, a leading employee recognition and rewards platform, was co-founded by Steve Sonnenberg, Mike Sonnenberg, and Tanner Runia. Their combined expertise in technology, operations, and employee engagement has been instrumental in the company’s growth and innovation.
Steve Sonnenberg serves as the CEO of Awardco. Growing up, he was influenced by his father’s career in employee recognition, which included creating championship rings for the Chicago Bulls. This background inspired Steve to modernise the recognition industry. In 2011, he began developing a platform to address the limitations of traditional employee recognition programs, such as limited redemption options and high costs. This vision led to the creation of Awardco, which integrates with Amazon Business to offer a vast selection of rewards without inflated markups.
Mike Sonnenberg, Steve’s cousin, is the Chief Technology Officer at Awardco. He was crucial in building the company’s technological infrastructure, ensuring the platform is scalable and user-friendly. His technology leadership has been vital in integrating Awardco with partners like Amazon Business, enhancing the platform’s capabilities and global reach.
Tanner Runia is the President of Awardco. With a background in operations and strategic planning, he has been key in expanding the company’s market presence and operational efficiency. Tanner’s efforts have contributed to Awardco’s ability to serve over six million users across 163 countries and offer more than 300 million reward options.
Global growth and strategic expansion
The latest funding will enhance the breadth and depth of Awardco’s offerings. This includes expanding its rewards and recognition capabilities, integrating new solutions that focus on employee performance and engagement, and implementing AI-powered insights and automation tools. By doing so, Awardco aims to help HR teams deliver deeper personalisation and improved outcomes for employees worldwide.
Moreover, the investment will bolster the company’s HRIS (Human Resource Information System) and partner integrations, allowing for a more seamless experience for enterprise clients. The funds will also go toward scaling the company’s global infrastructure to meet the evolving demands of a distributed workforce.
One key marker of this international expansion is Awardco’s new London office, which has quickly become a hub for growth across Europe, the Middle East, and Africa (EMEA). This strategic move positions the company closer to global clients and underlines its ambition to become the worldwide standard for employee recognition and engagement.
Reinvents work culture
Founded in Lindon, Utah, Awardco was founded on the belief that traditional recognition systems were outdated and overpriced. By offering a transparent, flexible, and cost-effective solution, Awardco has redefined what modern employee engagement can look like. It empowers companies to design programs tailored to unique cultures and goals—whether recognising a milestone, incentivising behaviour, or simply showing appreciation.
Unlike many platforms that limit options or inflate costs, Awardco’s reward marketplace is powered by Amazon and other partners. This ensures global reach and diverse choices with no hidden fees. This model drives employee satisfaction and creates significant cost efficiencies for HR departments.
Now, with a fresh infusion of capital and global momentum, Awardco is poised to shape the next chapter in the employee experience economy. The company’s focus on meaningful engagement, smart integrations, and scalable infrastructure sets it apart in a crowded HR tech landscape.
Achievements to date
Awardco’s rapid rise hasn’t gone unnoticed. It was recently named among G2’s Top 100 Software Products, a testament to its user satisfaction, platform reliability, and innovation. The company facilitates rewards and helps clients build cultures that prioritise meaningful work, connected teams, and high-impact motivation.
The annual RCGNZ Summit, held in Park City, Utah, is at the heart of its community-building efforts. This event has become one of HR Tech’s most notable gatherings, bringing together thought leaders to discuss the future of employee experience. Through this summit and its continued investment in new tools and features, Awardco is positioning itself as a service provider and a thought leader in the field.
As organisations increasingly recognise the value of workplace engagement, Awardco stands out as a platform capable of delivering rewards and real impact. With this latest funding round, it’s not just expanding—it’s transforming how the world works.
“We’re transforming work by making recognition a seamless part of everyday culture and the engine that powers employee engagement,” said Steve Sonnenberg, Co‑Founder and CEO of Awardco. “This investment also allows us to further scale the world’s largest configurable rewards marketplace, empowering organisations to recognise employees in meaningful, flexible, and truly valued ways.”
“Our mission isn’t changing, it’s expanding,” said Tanner Runia, President and Co‑Founder of Awardco. “Guided by our customers’ evolving needs, we’re taking recognition into new areas that deliver even greater impact. We enter this next phase from a position of strength, with sustained high growth and a cash‑flow‑positive business, focused on executing at an even larger scale.”
“Recognition is no longer a nice-to-have—a strategic imperative,” said Nari Ansari, Managing Director and Susie Liu, Vice President at Sixth Street Growth. “Awardco is leading the way with a scalable, global-first platform that serves organisations of all sizes, and we’re excited to partner with the team during this next phase of growth.”
“Awardco’s rapid innovation, exceptional customer satisfaction, and flexible platform set it apart,” said Adam Gassin, Principal at Spectrum Equity. “Organisations across industries are using Awardco to rally teams around their top strategic, operational, and cultural priorities, and we’re excited to help accelerate the company’s vision for its customers and the category.”
