Salt Labs, a loyalty and financial technology company focused on strengthening the employer-employee relationship, has secured an additional $8 million in funding from Third Prime Capital. This investment brings Salt Labs’ total funding to $18 million, covering pre-Seed and Seed financings. The company plans to utilize this capital to introduce its loyalty program, called “Salt,” to employers, aiming to enhance retention and productivity.
Salt is a unique asset derived from the significant investment of hourly workers—their time. Launched earlier this year, Salt allows employees to allocate and spend their earned rewards on everyday items, aspirational experiences, and financial savings products. The value of Salt is based on the effort and time invested by employees in their work, providing a means for them to enjoy life and build asset ownership for the future.
The initial pilot market for Salt was in Puerto Rico, where one in seven hourly workers across sectors like restaurants and hospitality now earn Salt. Notably, workers value Salt at a rate up to 10 times what it costs their employers to make it available. Since its inception, over 75,000 Salt users have earned over 7 million Salt.
Mike Kim at Third Prime expressed confidence in Salt Labs’ ability to address the current labor crisis by providing a solution that meets the needs of employers and the evolving workforce. Jason Lee, CEO and co-founder of Salt Labs, emphasized the company’s vision for the future of work and its commitment to helping companies overcome operational challenges related to employee retention and productivity.
The new funding will enable Salt Labs to expand its presence in the USA, targeting large enterprises. Early results from employer partnerships show significant improvement in employee retention rates, with the turnover rate for Salt users in November being 72% lower than for non-Salt users.
Sam Falletta, CEO of Incept, expressed excitement about introducing Salt to employees, enabling them to see the real-time output of their work and enjoy the benefits of their current efforts in the future. Salt Labs aims to contribute to building a workforce where hourly employees can measure, capture, and reward themselves for their work, fostering better financial outcomes and a more engaged workforce.
