PerkSpot

About PerkSpot

PerkSpot operates as a human resource (HR) technology platform, providing a private marketplace for employee discounts and rewards designed to enhance employee financial wellness and engagement. Founded in 2006 by Chris Hill and Branden Smythe, the Chicago-based company was established with the goal of helping employees stretch their paychecks. Chris Hill, a serial entrepreneur, drew from his background in investment banking and a pragmatic approach to business to identify and solve the need for a centralized, valuable employee perks program.

The company's business model is centered on providing its platform at no cost to employers, which simplifies perk management and helps organizations attract and retain talent without adding to their budget. Revenue is generated through partnerships with merchants who wish to reach a large, engaged user base of employees. PerkSpot serves a wide range of clients, from small businesses to large corporations like Southwest Airlines and Mayo Clinic, and their platform is used by over 22 million employees. The service is highly customizable, allowing companies to brand the portal with their own logos and colors and even curate the available offers to avoid featuring competitors.

PerkSpot's core product is a digital discount portal that gives employees access to exclusive, negotiated offers from a vast network of national brands and local businesses, such as Apple, Target, and AMC Theatres. The platform is designed to be user-friendly, with personalized recommendations and various savings categories. Beyond simple discounts, PerkSpot has expanded its offerings to include employee rewards and recognition programs, allowing employers to award credits that can be used for gift cards within the platform. A significant milestone for the company was securing a $50 million growth equity investment from Susquehanna Growth Equity in 2018, which was its first outside funding after 12 years of being bootstrapped. This investment fueled further platform development and team expansion.