Recognition: the missing component of collaboration

85% of professionals worldwide are not engaged and feel unappreciated both at their workplace and even while collaborating individually. They feel unseen and unheard as their hard work and efforts are not visible and valued. 

With the rise of remote or hybrid work, people became more disconnected and isolated due to a lack of recognition. It has become a challenge for many companies to maintain the company culture and keep employees engaged that resulted in higher turnover. In fact, 66% of employees would quit if they feel unappreciated. 

The feeling of not being valued and recognized is a huge demotivator and has a direct influence on productivity. The same applies to any kind of professional collaboration be it individual partnership experience or teamwork.

Recognition  belongs where collaboration takes place

Appreciation unlocks productivity, increases motivation and helps to see that their commitment is valued and noticed. 

To bring recognition to any collaboration we created Lucky Carrot where professionals connect to recognize hard work, celebrate achievements and say thank you in a whole new way; both inside and outside companies on any collaboration platform.

Lucky Carrot:

• Builds a culture of gratitude
  Enables everyone to show their appreciation, celebrate the best collaboration moments and recongize the dedication they see every day.

• Brings visibility
  Makes all the hard work and efforts visible, seen and valued.

• Connects people
  Fosters collaboration, builds meaningful and strong relationships.

• Enhances engagement and business outcomes
  Companies using our platform have seen 20% growth in employee engagement.

• Effectively identifies team problems with generative AI
  Getting integrated with ChatGPT analyzes the team problems, detects issues and gives recommendations fostering open communication and continuous improvement within the organization.

What we do?

A recognition platform that enables everyone to show their appreciation, celebrate small and big achievements by sending virtual carrots to one another, be it a teammate, partner, or any professional. Later, the collected carrots can be redeemed into gift cards and fun experiences.

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For individuals

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In their personal space, Individuals can purchase and send carrots to their colleagues, partners and any professional they work with for a job well done. Later collected carrots are redeemed into gift cards and fun experiences.  

Whether someone just had the best speech during a webinar, built an awesome app for your startup, or came up with the smartest solution ever, you can easily fill up your carrot balance, send a recognition and show how much you enjoyed working with them.

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For companies and teams

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• In their workspaces, companies give carrot allowance to the whole team empowering them to recognize each other. 

• With the public timeline, employees’ hard work and achievements become visible to everyone in the company, especially while working remotely.

• The recognitions are tied to the company values and help to create aligned teams.

• In addition, with Lucky Carrot’s Employee engagement survey and open feedback companies can discover the causes of disengagement and detect employees’ real concerns. 

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Powerful People Analytics based on Generative AI

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What’s more important, Lucky Carrot gives insight into real-time employee interactions and relationships, discovers informal leaders, detects early signs of disengagement and sometimes even provides predictions on possible turnover, onboarding failures and much more.

Moreover, the integration with ChatGPT empowers companies to detect team problems and effectively address them by making the necessary interventions. By analyzing the sentiments of employee feedback, detecting frequently discussed topics, and generating recommendations, Lucky Carrot gives valuable insights to support HR decision-making and to help in creating a thriving and positive workplace culture.

Strong early growth & customer retention

Lucky Carrot currently has:

• 40+ paying clients/companies

• $75K ARR as a service subscription fee 

• $140K annual sales volume from Gift Card redeems

Key retention metrics:

• 200% NRR (Net Revenue Retention) from ICP growing clients (Ideal Customer Profile). This means we're earning 2 times more from the same company that is doubling in employee size in a year

• 90% customer retention rate which means so far only 5 companies stopped using Lucky Carrot

• 85% MAU (Monthly Active Asage)

* Click here for important information regarding Financial Projections which are not guaranteed.

Our biggest brand ambassadors

We are proud to say that we’ve hit a 90% customer retention rate with 47 out of 52 companies continually staying with us. They are our biggest brand ambassadors and promoters making word-of-mouth one of the best acquisition channels for us.

Our pricing

• Lucky Carrot is completely free for Individuals and teams meaning they get access to our platform and its features without a SaaS fee.

• As for companies, we charge $3.7/month per user and provide access to all our tools and features without any limitations.

* Additional monetization model- commissions from gift cards.

A unique approach in a $31B+ market

The employee recognition software market size was valued at $31.79 B in 2021 and is projected to reach $50.85 B by 2030, growing at a CAGR of 6.05% from 2022 to 2030. 

Our ICP (ideal customer profile) is S&M-sized tech and marketing companies working in a remote/hybrid model, as in their case, the problems we solve are more painful. Also, with these types of companies, we notice easy adoption, high retention (MAU), higher NRR (net revenue retention), shorter sales cycle, budget availability, etc.

Additionally, the market becomes even bigger with the B2Pro business model — when recognition is available not only inside companies but also for all professionals during webinars, events, community meetups and partner meetings. 

Cross-platform potential

Lucky Carrot’s main difference comes with the unique vision of becoming the go-to tool or the global ‘informal currency’ for anyone to purchase and send as recognition across all major collaboration platforms versus limiting us to becoming only an employee engagement platform for companies. This brings a totally different model of product distribution and sales, a bigger market, and most importantly opportunity for exponential growth.

Transforming business through a culture of appreciation

We at Lucky Carrot believe that appreciation is what’s missing in our daily collaboration. Our vision is to bring recognition, thank you culture and rewards to any collaboration on every platform where professionals get their work done.

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Strategy

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That’s why our today's strategy and main focus is to get integrated with platforms like Zoom, Jira, GSuite, MS Teams, Trello, Miro etc. Here we have already reached some big milestones by being enrolled in the Zoom Apps Special Partner Program and MS Teams partner network.

Also, recognition is now available not only for companies and inside teams but also for individuals who can send carrots to anyone they want to appreciate. This is a part of our PLG (product-led growth) strategy and will help in achieving virality that will later open new opportunities for bottom-up sales. 

We are raising $1.5M 

• We are raising a seed SAFE round of $1.5M with a post-money valuation cap of $7.5M. 
• Already received investments for this round from professional investors: DraperU Ventures, Insta Ventures, Joint Journey, BAJ accelerator network. 

• In addition, currently, we have also offers and commitments from other VCs, Angel Syndicates and strategic partners.

• Previously we raised an Angel round in 2020 and won 2 equity-free grants.