Zestful, an employee benefits platform, has scored $5m in its seed funding round which was led by Thrive Capital.
Other commitments to the seed came from Box Group, Y Combinator, Matchstick Ventures, Third Kind Capital, and Shrug Capital.
This investment brings the company’s total funding for the year to $6.2m having raised just over $1m at the start of the year from investors including Bessemer Venture Partners, Day One Ventures, Matchstick Ventures, and Shrug Capital.
Funds from the round will be used to invest in their product and overall growth. On its roadmap the company is looking to release a mobile app and integrations with services like Slack and Zapier. Zestful also plans to release event-based rewards which will let admins set goals for employees to achieve and be rewarded on.
The company launched its services earlier in the year and has expanded to offer over 1,300 products and services, including both local and national options. Its growth is currently 80% month-over-month.
Its platform offers various one-time or automated rewards, which can be given by an employer, peers or as a birthday gift.
The service also offers allowances which lets users establish smart balances which recur monthly or yearly. An example is that an employee could budget $25 a month for leisure, $50 for health and fitness, $10 for charity and $100 for food, etc.
Zestful CEO and founder Mat Vogels said, “Everything today is so personalized, but somehow the perks your employer gives you are still one-size-fits-all.
“By giving people a balance that they can spend anywhere they want, you’re actually giving them the ability to use their work perks to benefit their personal lives. With this new round of funding, we’ll be able to make Zestful that much better and continue expanding to companies of all shapes and sizes.”
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