The gap between the workplace benefits on offer and how employees perceive this support has been growing. In response to the pandemic, 69% of employers significantly increased their spending on employee benefits. Yet a quarter of workers still feel there weren’t enough options available and 22% said their benefits didn’t meet their needs.
As hybrid workforces grapple with a teetering work-life balance and the rising cost of living, empowering employees to take charge of their benefits can make all the difference. Addressing the disconnect, London-based employee benefits platform Juno has raised $4 million to transform outdated ‘work perks’ schemes.
The round was led by Hoxton Ventures and joined by angel investors, including Juno’s early adopters Tony Jamous, CEO of OysterHR and Christian Owens, CEO of Paddle. Other angel investors include the CEOs of Learnerbly, Captify, Jungle Creations, SuperAwesome and Heights.
This fresh cash will help Juno to fine tune the product and add additional services such as physical debit cards for purchasing benefits and a fully integrated marketplace. It will also be used to drive continued growth across global markets including the US and Europe, enabling even more workers to choose benefits that go further and add genuine value to their lives - whatever that means for them.
Founded in 2019 by Ally Fekaiki, the company empowers employees to take charge of their own benefits. Using the platform, employers allocate staff points to spend on the experiences and services employees actually want.
Employees are free to pick perks that reflect their lifestyle, needs and priorities. There are hundreds of experiences to choose from on the platform - from mental health support and childcare services to fitness classes and food delivery boxes. Popular providers include Barry’s Bootcamp, Headspace, Patch Plants and Mindful Chef, with over 5000 activities and services being exchanged for credits on the platform every month.
Ally Fekaiki, founder and CEO, Juno, said: “If the purpose of employee benefits is to keep staff happy and healthy, only the individual can know what they really want and need. So, in the same way that you wouldn’t trust your boss to organise your birthday party, why would you trust them to choose your workplace benefits? Having quit my startup job, this sentiment grew from a seed in my mind into Juno and still drives the company to this day. For some, employee benefit might mean knowing their childcare is covered. For others, it might mean having a meal box ready and waiting for them at the end of the day. Benefits that genuinely benefit people are not one-size-fits-all - and everything we do is designed with this in mind.”
The platform is already being used by over 160 companies across 40 countries, including Bolt, Oyster, Born Social and Paddle.