NEW YORK — Salt Labs, which operates a loyalty program for employees, announced Third Prime has invested $8 million in the company. This brings the company’s total funding to $18 million across its pre-Seed and Seed financings. With this capital, the company plans to bring Salt to employers as a catalyst for enhancing retention and productivity.
“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,” said Jason Lee, CEO and co-founder of Salt Labs.
Since launching earlier this year, the Company has been building a loyalty earned asset called “Salt”. Employees place tremendous value in Salt because it is based on the considerable effort and time invested in their work. After earning Salt, employees may decide how to allocate and spend their Salt, including spend for everyday items, aspirational experiences, and financial savings products. With Salt, employees can achieve what they rightly desire and deserve from work—to be able to enjoy their life 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 like restaurants and hospitality now earn Salt. Notably, 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 inception, more than 75,000 Salt users have mined over 7 million Salt.
“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” said Mike Kim, General Partner at Third Prime. He 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.
The company will use the new investment funding to bring Salt to large enterprises in the USA.
Across its early employer partners, Salt Labs has driven meaningful improvement in employee retention rates. In the month of November, the employee turnover rate for Salt users was 72% lower than for non-Salt users.
“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”, said Sam Falletta, CEO of Incept.
