Nudge Rewards secures $5M Series A led by Generation Ventures

Nudge Rewards has raised $5 million in Series A funding led by Toronto based Generation Ventures, the venture arm of family office Generation Capital. Other participants include BDC Capital Women in Tech Fund, Brightspark Ventures, StandUp Ventures, and new and returning angel investors.

Concurrent with the funding, Alistair Mitchell, President of Generation Ventures, will join the Nudge Rewards board of directors.

The Series A funding is a milestone for both the company and the founders and the investors. Nudge Rewards, led by CEO Lindsey Goodchild and CTO Dessy Daskalov, has captured one of the largest Series A investments raised by female founders in Canada to date. In addition, each of the firms that participated in this round have female partners committed to supporting exceptional founders driving the development of innovative technology.

Nudge Rewards is one of the first growth investments for BDC Capital’s Women in Tech Investment Fund. “Lindsey and Dessy are great examples of female founders that have identified a gap in growing markets, are using technology to solve an important problem, and building a business with massive potential to scale,” said Michelle Scarborough, Managing Director, Strategic Investments and Women in Tech at BDC Capital.

An estimated 80% of the global workforce are ‘non-desk’ or field employees, who typically do not have access to corporate email. Nudge Rewards helps such companies engage their employees to facilitate measurable improvements in individual and company performance.

“There is a massive opportunity for our innovative solution within markets that have large, non-desk workforces,” said Lindsey Goodchild, CEO and co-founder of Nudge Rewards. “We’re fortunate to have built a team of industry experts and partners to propel our growth. This new financing will allow us to further serve our customer base and expand our presence in select Canadian and US markets. We are very well positioned to expand our leadership role in this space.”

Nudge Rewards has a growing customer base that includes global brands such as communications and media company, Rogers Communications; leading foodservice and support services company, Compass Group; golf superstore, Golf Town; global information technology leader, Samsung; and Choice Hotels, one of the world’s largest and most successful lodging companies.

“We look for high-growth businesses, solving big problems by leveraging known technologies – in an innovative fashion. Serving large consumer-facing companies, Nudge Rewards continuously optimizes the performance of its clients’ large mobile centric workforces. Providing timely, concise, and motivating information is more easily said than done – and Nudge Rewards is nailing it with the numbers to prove it,” said Mitchell.

photo credit: Nudge Rewards

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.