New financing enables the company to expand its position as a market leader in providing mobile technology that improves the performance of frontline employees in retail, foodservice, and hospitality.
TORONTO – November 15, 2017 – Nudge Rewards today announced that it has raised $5 million in Series A funding. The financing will enable the company to further fuel the expansion of its business across North America. The round was led by Generation Ventures, with participation from the BDC Capital Women in Tech Fund, Brightspark Ventures, StandUp Ventures, as well as new and returning angels.
Funding reinforces growing support for women in tech
This Nudge Rewards funding round is a significant milestone for both the company and women in technology. The company, led by CEO Lindsey Goodchild and CTO Dessy Daskalov, has captured one of the largest Series A investments raised by female founders in Canada to date. In addition, each of the firms that participated in this round has female partners committed to supporting exceptional founders driving the development of innovative technology.
Nudge Rewards is one of the first growth investments for BDC Capital’s Women in Tech Investment Fund. “Lindsey and Dessy are great examples of female founders that have identified a gap in growing markets, are using technology to solve an important problem, and building a business with massive potential to scale,” said Michelle Scarborough, Managing Director, Strategic Investments and Women in Tech at BDC Capital, the investment arm of BDC.
Market opportunity for mobile technology to engage non-desk employees
An estimated 80% of the global workforce is ‘non-desk’ or field employees, who typically do not have access to corporate email. Nudge Rewards helps such companies engage their employees to facilitate measurable improvements in individual and company performance.
“There is a massive opportunity for our innovative solution within markets that have large, non-desk workforces,” said Lindsey Goodchild, CEO, and co-founder of Nudge Rewards. “We’re fortunate to have built a team of industry experts and partners to propel our growth. This new financing will allow us to further serve our customer base and expand our presence in select Canadian and US markets. We are very well positioned to expand our leadership role in this space.”
Nudge Rewards has a growing customer base that includes global brands such as communications and media company, Rogers Communications; golf superstore, Golf Town; global information technology leader, Samsung; and Choice Hotels, one of the world’s largest and most successful lodging companies.
Concurrent with the funding, Alistair Mitchell, President of Generation Ventures, will join the Nudge Rewards Board of Directors. According to Mitchell, “We look for high-growth businesses, solving big problems by leveraging known technologies – in an innovative fashion. Serving large consumer-facing companies, Nudge Rewards continuously optimizes the performance of its clients’ large mobile-centric workforces. Providing timely, concise, and motivating information is more easily said than done – and Nudge Rewards is nailing it with the numbers to prove it.”
About Nudge Rewards
Nudge Rewards provides a mobile solution for retail, foodservice, and hospitality brands looking to measurably impact frontline team performance. With an employee app and content management system, brands can leverage Nudge Rewards to engage, educate, and ultimately reward frontline managers and employees to drive company performance. Headquartered in Toronto, Canada, their customers include global brands such as Rogers Communications, Golf Town, Samsung, and Choice Hotels.