Employee rewards marketplace Juno benefits from £3m funding
Employee benefits marketplace Juno has raised $4m (£3.1m) in its latest funding round led by Hoxton Ventures.
Juno will use the new capital to refine its product, physical debit cards and integrated marketplace, to create additional services and for further expansion.
Juno’s marketplace lets employees choose what benefits they receive using credits issued by their workplace. Benefits range from mental health support, childcare, fitness and food delivery boxes.
According to Juno, 69% of employers significantly increased spending on employee benefits following the pandemic but 25% of workers said there was not sufficient choice. Some 22% said the benefits didn’t meet their requirements.
“The loss of a family member finally broke me and the thing I needed the most at that time was genuine wellbeing support in place of the alcohol-fuelled socials and awkward team yoga I was offered by HR. But I should have known not to expect too much from superficial ‘perks’ systems that fail to consider peoples’ actual needs,” said Ally Fekaiki, founder and CEO, Juno.
Additional investment came from a group of angel investors, including previous backers OysterHR CEO Tony Jamous and Paddle CEO Christian Owens.
The London startup’s funding follows a previous £650,000 investment led by Fuel Ventures back in November 2019.
Founded in 2019, Juno is used by over 160 companies in 40 countries. Its clients include Bolt, Oyster, Born Social and Paddle.
Hoxton Ventures last month announced its £164m fund to help European startups expand to the US.
“We’re excited to back Ally and the Juno team. We believe that the future of work is a giant category within which transformative businesses will be built,” says Charles Seely, partner, Hoxton Ventures.
The funding round confirms UKTN’s reporting last year, in which Juno said it was preparing to raise a £10m Series A round.