Grazzy Announces $4.25 Million in Seed Funding to Increase Employee Retention and Recruiting
Grazzy, a next-generation employee payment platform, recently announced $4.25 million in Seed funding from Next Coast Ventures and Tuesday Capital. This brings Grazzy’s total Seed funding to $6.8 million. The platform helps hotels, bars, restaurants, salons, and other businesses improve employee retention and recruiting by increasing wages, unlocking instant access to same-day earnings, and offering more inclusive financial wellness for hourly employees.
Grazzy offers digital tipping enablement at no cost, with the lowest fees in the market. Several of the world’s biggest and most beloved hotel brands are leveraging the Grazzy platform to enable digital tipping, same-day pay, and in-the-moment positive feedback for their team members.
Grazzy Founder and CEO Russell Lemmer states that US businesses have an annual cost of over $100B due to voluntary hourly staff turnover, with the majority of them leaving for financial reasons. He believes that by addressing the financial wellness of those employees, turnover can be reduced and their lives improved. We understand that as wage rates rise, service industry personnel who rely on tips for extra income have seen a significant reduction in their earnings. We are determined to address this issue. Our digital platform, designed with the employee in mind, helps these individuals to earn more, access their earnings immediately, and save and spend wisely.
The Grazzy platform offers the modern familiarity of a P2P payments experience that guests love, but with the enterprise-level branding, compliance, and reporting that’s required to successfully deliver ROI at scale. It also unlocks cash-constrained same-day tip-outs and offers staff access to today’s earnings automatically in 30 minutes or less – a benefit 80% of employees say would increase their employer trust and loyalty.
EJ Varela, GM at Hotel Abri Metwest Terra Hospitality, a part of HRI Hospitality, declared that Grazzy had provided them and their team with a straightforward and efficient implementation to the cashless tip issue they had been seeking to solve over the course of the past two years of the pandemic's aftermath. The platform has had a very positive effect on our team, resulting in increased engagement and morale, which is a great success for the property! Not only has it boosted their financial earnings daily, but it has also naturally improved our Revinate Guest service and Cleanliness ratings.
0. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” seedround.info, 24 Jan. 2023, https://seedround.info/grazzy-raises-4-25mm-to-power-hospitalitys-future-of-digital-tips-same-day-pay-and-financial-wellness-for-hourly-workers/
1. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” whatsuppub.com, 24 Jan. 2023, https://whatsuppub.com/news/national/article_11dcbc09-b49e-5d03-a439-98d970123a13.html