Tech Update: Awardco, FranConnect, Netchex, Nectar, and Bilt Rewards
Bilt Rewards Secures $150 Million in New Funding
Awardco Adds External Recognition Feature for Customer-Facing Employees
FranConnect Franchise Platform Adds Operator and Frontline Employee Engagement Solution
Netchex Launches Employee Recognition and Engagement Platform
Nectar Adds Internal Communications Tool
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Bilt Rewards, a residential loyalty company, gets rewarded by investors for explosive growth...Awardco offers an external recognition feature for customer-facing employees...FranConnect franchise platform adds engagement solution....Netchex adds employee recognition and engagement platform to HR system....Nectar enhances recognition platform with internal communications.
Bilt Rewards Secures $150 Million in New Funding 
New York-based Bilt Rewards has raised an additional $150 million in funding for its resident loyalty program enabling people to earn points for rent and other purchases--without landlords or renters paying a transaction fee.
Described by the company as “the nation's largest loyalty program for the home and neighborhood,” the service has earned an investment round led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan. Other participants are existing investors and new endowments, including Vanderbilt University Endowment and the University of Illinois Foundation. This latest round comes just months after Bilt's $200 million capital raise in January, which valued the company at $3.1 billion, according to the announcement.
The Bilt Rewards card, which carries no annual fee, enables renters to earn up to 100,000 points each calendar year on rent payments with no transaction fee up. In addition, they get double points on travel and triple points on dining. They must use the card for other purposes at least five times per month to earn points.
Reportedly generating annual expenditures of $30 billion, the company says growth is coming primarily from the resident loyalty program, which reportedly has extended its reach to more apartment buildings, including “seven of the 10 largest multifamily managers, and has ventured into the condominium and homeowners association market. Simultaneously, the neighborhood loyalty program has seen significant expansion of merchants, now encompassing over 21,000 restaurants and 3,500 fitness studios, the company reports."
Awardco Adds External Recognition Feature for Customer-Facing Employees 
The Utah-based Awardco employee recognition and reward company has introduced External Recognition, a feature that allows customers, vendors, partners, or any third-party to recognize employee efforts and service in real-time.
According to the company, “External Recognition further extends Awardco's lead in the industry by bringing customers into employee recognition. This feature is especially impactful for front line, deskless, and all customer-facing roles as they interact with customers more than they do their own coworkers. Customers can recognize employees for exceptional service on the spot, and the recognition shows up in the Awardco recognition feed for all employees to see.”
The company says that industries “such as healthcare, retail, food service, professional services, and more will benefit from this feature as their employees can now be recognized by their customers, expanding the culture of appreciation beyond the office environment. Awardco is also debuting AI-powered recognition monitoring and approvals to ensure safe and compliant use of language that meets industry standards while saving administrative hours on approval workflows.”
Steve Sonnenberg, CEO of Awardco, says “we are thrilled to expand the power of recognition to the valued customers of every organization. We've already seen the power of External Recognition in our own organization, and it's incredible to see how it will impact so many different industries."
FranConnect Franchise Platform Adds Operator and Frontline Employee Engagement Solution 
FranConnect, a provider of sales, operations, and marketing solutions for franchise and multi-location businesses, says it has launched a new Operator and Frontline Employee Engagement solution. “This strategic initiative follows FranConnect's acquisition of World Manager, a global provider of learning management and frontline employee engagement solutions. By seamlessly integrating World Manager's complementary, enterprise learning management and content creation capabilities to FranConnect's best-in-class operational platform, it revolutionizes how multi-location businesses drive team engagement, brand consistency and unit performance,” according to the announcement. Features include:
- Custom eLearning modules for various roles
- Gamification elements to boost motivation
- Mobile accessibility for flexible learning
- Career development pathways for all staff levels
Netchex Launches Employee Recognition and Engagement Platform 
Netchex, a cloud-based human resources management software platform located in Louisiana, launches Community, “a dynamic employee recognition and engagement platform. Community is designed to enhance employee engagement by spotlighting significant milestones, facilitating appreciation through shoutouts, and promoting active participation in company-wide conversations. This innovative tool aims to foster connections and boost morale, creating a strong sense of community within organizations.”
The features are “fully integrated inside the Netchex application and are available on mobile as well as desktop. Community offers key features such as personalized shoutouts to celebrate achievements, applaud exceptional work, and reinforce alignment with organizational values. Automated milestone posts acknowledge work anniversaries, birthdays, and new hires with zero manual work for company administrators. The platform also supports company announcements and encourages open dialogue and collaboration, bridging gaps for remote employees and fostering connections across teams.”
The company says that “administrators have full control over the platform, allowing them to customize it according to their specific needs. Employee privacy is also a priority, with options for employees to opt out of birthday or work anniversary announcements. Posts can also be flagged and reviewed by the company administrator and removed if necessary...For organizations with multiple entities, the platform can be customized to create a single community across all the various companies or kept separate as needed.”
Nectar Adds Internal Communications Tool 
Nectar, an employee recognition and engagement solution provider in Utah, announces the launch of an Internal Communications tool “designed to tackle the complexities of modern workplace communication.” The feature “aims to streamline messaging, enhance employee engagement, and boost company culture,” the company says.
“In today's fast-paced work environment, employees are often overwhelmed with information from multiple sources. Nectar's Internal Communications tool addresses this challenge by offering a unified platform that ensures clear, consistent, and engaging communication across the organization. With the ability to create eye-catching announcements using a drag-and-drop builder, HR and communications professionals can now engage employees like never before.”
"Our goal with the Internal Communications tool is to solve one of the biggest pain points for HR and communications professionals – the struggle to keep employees informed and engaged in a cohesive manner," says Trevor Larson, CEO of Nectar. "By integrating this tool with our existing recognition platform, Nectar not only enhances communication but also fosters a stronger, more connected workplace culture that can celebrate employee’s achievements."
That company says that features include:
- Multi-Channel Distribution: Reach employees where they are with announcements delivered through email, text, Slack, Teams, and more.
- Analytics and Optimization: Measure the effectiveness of the communications strategy with detailed analytics, including open rates, click rates, and engagement metrics.
- Personalized Announcements: Use customizable templates to create professional messages in minutes.
- Dynamic List Management: Automatically sync and update contact lists with the human resources information system to send customized messages based on teams, departments, or locations.
How RRN and Brand Media Coalition: Your Partner in Success in Incentives, Rewards, and Recognition
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