The company founded as EyeRate in an Elk Grove garage in 2019 has changed its brand to Edge, a name change that reflects that it is an employee-driven growth engine.
In the past year, Edge has grown the number of employees on its platform to more than 100,000, a 226% increase. The platform pays employees who receive good reviews.
"We believe that frontline employees deserve a new reward channel with thoughtful technology enablement," said Edge CEO Ray Weisberg, in a news release. “Our investment in the new Edge brand gives service businesses a distinct advantage with performance-based employee incentives and rewards that drive sales growth.”
The rebrand to Edge follows a redesign of the company’s website and platform over the summer that created a better user experience, said Raj Nijjer, head of marketing for Edge.
The rebrand and platform redesign was all handled in-house, and largely paid for from incoming cash flow, Nijjer said.
In March, the company raised $4 million in a seed round of venture capital funding led by Folsom venture capital firm Moneta Ventures.
The company had revenue of $5 million in 2022, and it is on track to more than double that this year.
Edge offers companies access to its platform, which allows them to pay frontline employees more money by rewarding them for good service. The evidence of good service shows up in positive reviews.
Edge has also added automated sales contests, which pay employees bonuses for contests and promotions.
“It’s not just reputation management, it is employee rewards,” Nijjer said. “We deeply care about employees and frontline employees.”
Some of Edge’s customers include multiple-location personal-care retail franchises like European Wax Center, Massage Envy, Gold’s Gym, Driven Brands and Xponential Fitness.
The cloud-based system allows good reviews to earn employees a bonus in their paychecks, and the entire process is automated through the company’s point-of-sale system.
Edge has concentrated on personal-care brands with many locations, Nijjer said. "The platform is very good, but the platform shines even more at scale."
Nijjer joined Edge in July. He previously worked in marketing and product management for GoDaddy Inc. (NYSE: GDDY) and Yext Inc. (NYSE: YEXT) before those companies went public.
Nijjer wasn't brought on by investors. He reached out to the company to help it grow.
"It's a gritty team. I was very impressed," Nijjer said. "They don't just post online, they pitch prospects all the time. They reach out on the phone and make sales," Nijjer said.
Other investors in Edge’s $4 million funding round in March included existing investors Santa Monica-based Mucker Capital, The Launch Accelerator and its founder Jason Calacanis and Rocklin-based Growth Factory. Edge was in the second cohort of the Growth Factory's accelerator program last year. And last year, it won the $10,000 top prize in the Sacramento Kings Capitalize startup contest.
In the summer of 2021, the company raised $1.7 million in an investment round led by Mucker Capital. EyeRate also received a $100,000 investment in 2020 as a graduate of The Launch Accelerator.
