Nectar Announces $40 Million Series B Committed Funding
Photo credit: Trevor Larson, who is pictured along with his team and with SHRM CEO, Johnny C. Taylor who was in town on March 28, 2024 for the Culture Builders Summit.
Orem, UT, April 18, 2024
Nectar, a culture platform based in Orem, Utah specializing in employee recognition and rewards, has announced it has partnered with PeakSpan Capital (Menlo Park, CA) to accelerate the growth and expansion of its platform and suite of product services through a committed $40 Million Series B Funding Round led by PeakSpan.
The investment will enable Nectar to further develop its culture platform, empowering organizations worldwide to cultivate vibrant and engaged workplace environments built on recognition. This will include large investments into the core recognition product, as well as additional strategic products which will enable companies to build strong organizational cultures.
"We are thrilled to partner with PeakSpan Capital in this exciting phase of our journey," said Trevor Larson, Nectar's Co-Founder and CEO. "This investment underscores the confidence in our vision to revolutionize organizational culture. With PeakSpan's expertise and support, we are well-positioned to drive meaningful change and empower businesses to help employees feel valued and appreciated at work.”
Larson shared additional thoughts about the Series B raise and their funding partner, PeakSpan, via the LinkedIn post from today. See below.
With the support of PeakSpan Capital, Nectar is poised to advance innovation in key areas, including additional features, scalability, and user experience. The infusion of capital will also fuel research and development efforts, ensuring Nectar remains at the forefront of the industry, delivering impactful solutions to its growing client-base.
Phil Dur, Managing Partner and Co-Founder of PeakSpan, noted, “PeakSpan was built to serve entrepreneurs looking to bring disruptive and pioneering solutions to underserved market segments. The Nectar team astounded us with their best-in-class capital efficient growth, incredible vision as the emerging culture platform leader for the mid-market, and their tenacity and grit. We see an incredible opportunity for Nectar to drive improved employee engagement, connectedness, and alignment for their clients and couldn’t be more privileged to be their partner.”
Nectar is a software company specializing in employee recognition and rewards solutions. The company is committed to helping organizations develop robust workplace cultures where every individual feels valued and appreciated. Nectar’s platform is designed to be user-friendly, customizable, and impactful, enabling companies to acknowledge and reward employee contributions effectively.
PeakSpan Capital is a growth equity firm based in New York City and San Mateo, California. Having partnered with over 40 high-growth software businesses and with $1.5B+ in AUM, PeakSpan’s mission is to be the partner of choice for growth stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes. PeakSpan combines deep domain expertise within a select number of themes with a proprietary technology platform providing visibility into company and market performance, to help disruptive entrepreneurs drive resilient, risk-adjusted value creation.