Snappy, the Israeli-founded and US-headquartered startup that works in the area of employee recognition, has raised $10 million in funding led by 83North with participation from Hearst Ventures.
Snappy provides an alternative to generic corporate gifts by allowing employees to choose from a “curated collection of personalised options, which include local experiences like cooking and yoga classes, global getaways, as well as trending products like Amazon’s Echo Dot and drones,” the company said. The gift prices range anywhere from $15 to over $1,000.
To support its idea, Snappy cites a study conducted by the Journal of Economic Psychology that concluded that “it takes twice as much money to increase employee happiness at the same rate as a tangible gift.” At the same time, lack of recognition and appreciation is one of the main reasons for people to change jobs.
“It’s never been more important to retain exceptional talent, and, as employee demand for recognition grows, the market for the solution that Snappy provides is unprecedented,” said Ken Bronfin, Hearst Ventures senior managing director and head of international investments. “Not only has Snappy identified an underserved market, but the accelerated growth of the company proves that when done correctly, employee appreciation and gifting is vital for companies.”