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The exterior of Awardco's facility in Lindon is shown in an undated photo.

Courtesy Awardco

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Awardco co-founder and CEO Steve Sonnenberg, left, co-founder and Chief Technology Officer Mike Sonnenberg, center, and co-founder and President Tanner Runia, right, are shown in an undated photo.

Courtesy Awardco

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A significant milestone has been reached by Awardco, a Lindon-based workplace technology company that specializes in an employee rewards and recognition platform that helps companies build engagement and foster a culture of staff appreciation.

After a recent Series B round of funding in which $165 million was raised, Awardco’s valuation has surpassed the $1 billion mark, the company announced May 20 in a press release.

Awardco serves more than 6 million users in 163 countries, offering more than 300 million reward options, and counts major brands like AT&T, Adobe and Hertz as customers.

The latest fund round was backed by investors Sixth Street Growth and Spectrum Equity; they join existing partners General Catalyst as well as Utah Jazz owner and Qualtrics co-founder Ryan Smith, who recently announced his partnership with Halo Experience Co., or HXCO, according to the release.

Since its inception in 2015, Awardco leaders say the company has seen rapid growth in reshaping the employee experience worldwide and positioning their platform as the leading force in workplace technology.

The recently acquired funding will broaden the Awardco rewards and recognition program with additional solutions for employee engagement and performance, leverage artificial intelligence to drive deeper employee insights and automations, enhance human resource software and partner integrations, and scale its global infrastructure to power the next era of work, the release explains.

“This funding is not about shifting direction. It allows us to accelerate the mission we’ve been committed to for over a decade, which is helping companies engage and retain their people through meaningful recognition,” said Steve Sonnenberg, Awardco CEO and co-founder, in a statement. “Reaching a billion-dollar valuation is an exciting milestone, but our real focus is on delivering long-term value to our customers and their employees.”

With the $1 billion valuation, Awardco has cemented its place in the startup world. Tanner Runia, president and co-founder, said the financial investors will support their mission to execute an even higher level for clients.

“Guided by our customers’ evolving needs, we’re taking recognition into new areas where it’s delivering even greater impact,” he said. “We enter this next phase from a position of strength, with sustained high growth and a cashflow positive business, focused on executing at an even larger scale.”

Awardco recently opened an office in London, accelerating growth overseas. Additionally, it’s been recognized among the world’s top software products on G2’s Top 100 Software Products list.

“Recognition is no longer a nice-to-have–it’s a strategic imperative,” reads a joint statement attributed to Sixth Street Growth Managing Director Nari Ansari and Vice President Susie Liu. “Awardco is leading the way with a scalable, global-first platform that serves organizations of all sizes, and we’re excited to partner with the team during this next phase of growth.”

Adam Gassin, principal at Spectrum Equity, commended Awardco for its innovative platform.

“Organizations 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,” he said.

Sonnenberg said the ongoing support from investors is a testament to their efforts in boosting workplace culture.

“Recognition should feel natural, flexible, and effortless. We’ve removed the clunky systems and outdated models to create a modern platform that works the way people do,” he said. “This investment lets us continue raising the bar for what recognition can and should be.”