Salt Labs – a loyalty and financial technology company that bridges the gap between employers and employees – recently announced that Third Prime has invested $8 million. This brings the total funding to $18 million across its pre-seed and Seed funding rounds. With this funding round, the company plans to bring Salt to employers as a catalyst for enhancing retention and productivity.
Salt is an asset valued from the most significant investment of hourly workers: their time. Since launching earlier this year, Salt Labs has built a loyalty-earned asset called “Salt.” Employees place tremendous value in Salt since it is based on the considerable effort and time invested in their work. And after earning Salt, employees can decide how to allocate and spend their Salt, including spend on everyday items, aspirational experiences, and financial savings products. Through Salt, employees can achieve what they rightly desire and deserve from work—to be able to enjoy their lives and to build asset ownership for their future.
The company’s initial pilot market was Puerto Rico, where one in seven hourly workers across key sectors such as restaurants and hospitality now earn Salt. And workers value Salt at a rate of up to 10x what it costs their employers to make Salt available, making it a highly potent and cost-effective tool for employer partners. Since being founded, over 75,000 Salt users have mined over 7 million Salt.
The company will use the new investment funding to bring Salt to large enterprises in the USA. And across its early employer partners, Salt Labs has driven meaningful improvement in employee retention rates. In November, the employee turnover rate for Salt users was 72% lower than for non-Salt users.
Salt Labs is helping build a workforce where hourly employees can measure, capture and ultimately reward themselves for the work they do, thus creating better financial outcomes and a more engaged workforce.
Salt Labs was founded in late 2022 by a team that includes repeat founders Jason Lee and Rob Law – who founded DailyPay, a $2 billion HR and FinTech company.
KEY QUOTES:
“Salt Labs has built a loyalty earned asset for the workplace whose value is derived from the most significant investment of hourly workers—their time. We are excited that we can add Third Prime as one of our incredible backers who shares our vision of the future of work.”
— Jason Lee, CEO and co-founder of Salt Labs
“Salt is exactly what employers and the changing workforce need in this unprecedented labor crisis. Given their expertise in building DailyPay, Jason Lee and the Salt Labs team are perfectly positioned to help companies overcome one of their biggest operational challenges – employee retention and productivity.”
— Mike Kim, General Partner at Third Prime; Kim will also join the Board of Directors alongside Logan Allin, Managing Partner and founder of Fin Capital – who led the company’s pre-Seed financing earlier this year.
“We are excited to introduce Salt to our employees so they can see the output of their work real-time and to enjoy the benefits of the work they are doing today, in the future.”
— Sam Falletta, CEO of Incept
