What BONAGO does

BONAGO Incentive Marketing Group GmbH, founded in 2010 by Mark Gregg and headquartered in Munich, operates as a vertically integrated provider of reward and incentive solutions for B2B clients in the DACH market. The company is organized around two complementary business lines: Consumer Promotions, which designs and manages marketing and sales incentive campaigns (vouchers, Zugaben, digital mechanics including QR codes, virtual scratch cards, and chatbot campaigns) for customer acquisition and loyalty; and Employee Benefits, centered on the cloud-based Multi-Flex-Ben-Portal launched in 2022, which offers 25 configurable benefits (Sachbezug, E-Bike Leasing, Auto Abo, Jobticket, meal subsidies, internet allowances, BAV, and more) with native DATEV-API integration and automated tax-optimized billing logic aligned to German regulations.

The company monetizes through subscription SaaS fees for the benefits portal and encorePeople Social Recognition platform, transaction-based revenue from voucher campaigns and the daydreams hotel voucher portfolio, and professional services for campaign design and execution. Distribution is primarily direct B2B sales targeting HR and marketing decision-makers, supplemented by ValueNet Group sister-company channels, trade show presence (Zukunft Personal Europe and regional events, K5 Berlin), and a consumer-facing e-commerce channel via daydreams.com. The 2023 acquisition of daydreams extended geographic reach to seven European countries and added ~2,000 hotel partners to a catalog that already exceeded 200 partner companies. Proprietary thought-leadership assets include the annual Belohnungsstudie (Reward Study) with ~13,000 cumulative participants since 2014, conducted in partnership with Fresenius University. The company is privately held and founder-controlled, with no disclosed external funding.

Name

BONAGO

Legal name

BONAGO Incentive Marketing Group GmbH

Website

https://bonago.de

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

BONAGO Incentive Marketing Group GmbH, founded in 2010 and headquartered in Munich, provides B2B voucher and incentive solutions for marketing/sales campaigns and employee benefits in the DACH market, anchored by the cloud-based Multi-Flex-Ben-Portal and the acquired daydreams hotel voucher portfolio.

Ownership category

akta.pro rank

Product category

Employee Benefits Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Loyalty, Rewards & Incentive Programs (BPAFAMAE)

akta.pro secondary industries

Prepaid, Gift Cards & Voucher-Based Payments (MPAEALAE), Price Comparison, Deals, Cashback & Loyalty Shopping Platforms (BPAMAGAH)

Keywords

• Employee benefits platform
• Corporate incentive marketing
• Digital gift cards
• Consumer promotion campaigns
• Rewards and recognition

Headquarters

HQ city

Oberhaching

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations, Supply Chain

Revenue model

1. Voucher and Incentive Solutions (B2B): BONAGO designs and manages voucher and incentive programs for B2B clients (employers and marketing/sales departments). Clients use BONAGO's Multi-Flex-Ben-Portal and BON/CARD systems to distribute employee benefits and consumer promotions. Revenue is generated through the sale of voucher cards, bonus programs, and campaign management services. The platform handles fulfillment (printing, digital delivery, partner network management) as a managed service.
2. daydreams Hotel Voucher Portfolio: Following the acquisition of daydreams (BurdaDirect Group subsidiary), BONAGO generates revenue from hotel vouchers and the DreamCard (annual Kurzurlauberclub membership with unlimited hotel nights). Sold via daydreams.com online shop in B2C and B2B channels across Europe.
3. Campaign Management and Consulting Services: BONAGO provides campaign design, execution, and consulting for Consumer Promotions and HR benefit programs. Services include campaign mechanics design, creative production, technical implementation, and ongoing optimization.
4. encorePeople (Social Recognition SaaS): SaaS-based employee recognition platform offered by subsidiary encorePeople. Free for companies with up to 5 employees; paid tiers for larger organizations. The platform enables peer recognition, team awards, and company-wide appreciation programs.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

BONAGO designs, distributes, and manages gift cards, vouchers, and incentive programs for B2B clients in the DACH region, split between Consumer Promotions for marketing/sales teams (customer acquisition, loyalty, and sales partner incentives) and Employee Benefits for HR teams via the cloud-based Multi-Flex-Ben-Portal that offers 25 configurable, tax-optimized benefits with DATEV payroll integration. Supporting offerings include the encorePeople social recognition SaaS, the BON/CARD digital voucher system, and the daydreams hotel voucher portfolio acquired in 2023.

Product overview

BONAGO Incentive Marketing Group GmbH operates as a leading provider of reward solutions in the DACH market, organized around two core divisions: Consumer Promotions for marketing and sales (customer acquisition, loyalty, and sales partner incentives using voucher and incentive campaigns) and Employee Benefits for HR (the Multi-Flex-Ben-Portal, an all-in-one cloud platform offering 25 configurable employee benefits). The flagship Multi-Flex-Ben-Portal serves as the central hub integrating all benefit modules including Sachbezug (non-cash benefits), E-Bike/Leasing, Auto Abo, Jobticket, Meal/Essens subsidies, Internet/Mobile subsidies, Kita-Zuschuss, BAV, and more — all with DATEV-API integration for automated tax-optimized payroll processing. Supporting offerings include the encorePeople appreciation platform (acquired subsidiary), the daydreams hotel voucher brand (acquired 2023), and the annual Belohnungsstudie (Reward Study) research initiative. BONAGO was founded in 2010, is headquartered in Munich, and is led by founder/CEO Mark Gregg.

Differentiator

Problem solved

Functional benefit

Brands

• Multi-Flex-Ben-Portal: Cloud-based All-in-One platform for employee benefits with 25 benefits including flexible benefits, salary extras, and bonuses.
• Belohnungsstudie
• daydreams

Products and services

• Multi-Flex-Ben-Portal Cloud-based all-in-one employee benefits platform for employers in the DACH region, offering 25 configurable benefits (Sachbezug, E-Bike leasing, Auto Abo, Jobticket, meal subsidies, internet/mobile subsidies, daycare subsidies, company pension, etc.) with automated tax-optimized billing and DATEV payroll integration, designed to minimize HR administrative effort.
• Consumer Promotions Campaign solutions for marketing and sales departments using consumer incentives such as vouchers, prizes, premiums (Zugaben), digital scratch cards, virtual lucky wheels, QR codes, and chatbot campaigns to drive customer acquisition, strengthen customer loyalty, and motivate sales partners.
• BON/CARD Voucher System Digital incentive voucher system using 10-digit codes redeemable at bon-einloesen.de for shopping and fuel partner vouchers, supporting partial redemption, multiple codes per transaction, and flexible expiry, with online vouchers delivered within 24 hours via email.
• encorePeople (Social Recognition SaaS) Interactive employee appreciation SaaS platform enabling companies to systematically identify and recognize individual or team performance through peer recognition, team awards, and company-wide appreciation programs; free for companies with up to 5 employees.
• daydreams Hotel Vouchers Hotel voucher and short-break incentive product including hotel vouchers (three nights for two persons) and DreamCard (one-year Kurzurlauberclub membership with unlimited overnight stays), distributed across approximately 2,000 partner hotels in seven European countries via daydreams.com online shop and B2B sales partners.

Quantifiable outcome

• 95% of HR decision-makers use reward measures for employee motivation and retention as a strategic advantage in recruiting (Belohnungsstudie 2024, n=2,000)
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Psychological AIcoreStrategic or Co-development Partner · 1 May 2024BONAGO entered a partnership with Psychological AI to provide AI-powered recruiting and social selling solutions. Psychological AI enables automated identification of relevant candidates for recruitment and customized communication for talent outreach. BONAGO provides complementary benefits solutions to strengthen clients' positioning in the competitive talent market. The partnership was announced in May 2024 and was presented at ZPE 2024. Simon Tschürtz (CEO of Psychological AI) also presents at ZPE events.
• daydreams (freedreams GmbH & FTM GmbH & Co. KG)coreStrategic or Co-development Partner · 1 June 2023BONAGO acquired daydreams from BurdaDirect Group in June 2023, a company with over 30 years of experience and ~2,000 partner hotels across Europe. daydreams operates the freedreams GmbH license business (active in 7 European countries) and FTM GmbH & Co. KG (German daydreams brand). The acquisition extends BONAGO's portfolio to hotel vouchers and DreamCard (annual Kurzurlauberclub membership), expands into pan-European B2C distribution, and creates synergies through ValueNet Group sales expertise. Mark Gregg (BONAGO CEO) also serves as Managing Director of daydreams and freedreams.
• ValueNet GroupcoreStrategic or Co-development PartnerValueNet Group is a sister company/parent group that provides comprehensive distribution expertise to BONAGO. ValueNet operates the Steinsee Business Health Club (BGM solution) and supports BONAGO with sales and distribution. ValueNet, BONAGO, and daydreams co-exhibit at trade shows and collaborate on HR benefit solutions. ValueNet events portal: valuenet-events.de.
• PicturePeopleminorGTM or Marketing PartnerPicturePeople provides professional photography services at BONAGO's trade show booths (ZPE, ZPN, ZPS). At the Belohnungsstudie launch events, PicturePeople offers business photo shoots and photobox sessions to visitors at the study stand, creating engagement and lead capture opportunities.
• Closer Still (Zukunft Personal / spring media group)coreGTM or Marketing PartnerBONAGO conducts the Belohnungsstudie launch in exclusive cooperation with Closer Still (organizer of the Zukunft Personal trade shows). The ZPE is the leading HR trade fair in Europe and serves as BONAGO's primary event platform. Closer Still is also the Premium Study Partner for the Belohnungsstudie.
• Fresenius University of Applied Sciences (Hochschule Fresenius)minorStrategic or Co-development PartnerBONAGO developed the Belohnungsstudie research design in cooperation with Fresenius University of Applied Sciences, lending academic rigor to the methodology of the annual HR benefit survey. This partnership provides credibility and academic backing to BONAGO's proprietary market research.
• Network Blühende Landschaft (sustainability partner)minorGTM or Marketing PartnerBONAGO partnered with the Network Blühende Landschaft (Blooming Landscape network) for a sustainable customer engagement campaign at the #RC Festival 2023, where visitors could adopt a flower meadow sponsorship (5 square meters) by scanning their badge, receiving a digital adoption certificate and jar of jam as a gift.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Edenred: Paris-listed global leader in prepaid corporate services (Ticket Restaurant, Ticket Mobilité, prepaid vouchers), operating in the same employee benefits and incentive voucher space across Europe — directly comparable to BONAGO's Multi-Flex-Ben-Portal and BON/CARD offerings.
• Pluxee: Spun off from Sodexo in 2024 as an independent employee benefits and engagement platform; closest global direct competitor for B2B gift cards, meal vouchers, and lifestyle benefits, with pan-European distribution similar to BONAGO's daydreams/freedreams network.
• Up (Up Group): European corporate prepaid platform (Up Déjeuner, Up Mobilité) with employer-funded employee benefit and incentive voucher solutions across France, Belgium, Italy and additional markets — directly parallel to BONAGO's Sachbezug and benefit-card business.
• Givex: Canadian gift card and customer engagement platform with both consumer incentives and corporate reward solutions — closest technology-side peer to BONAGO's BON/CARD digital voucher system and campaign mechanics.

Broad incumbents

• Blackhawk Network: Global gift card and prepaid payments network whose digital incentive and employee-reward offerings serve corporate buyers in many markets — closest broad incumbent peer to BONAGO's consumer promotion and BON/CARD voucher lines.
• Personio: Munich-based HRIS leader for European SMBs and mid-market employers; Personio's people operations modules increasingly encroach on benefits administration, putting competitive pressure on BONAGO's HR-tech positioning in DACH.
• SAP SuccessFactors: Global enterprise HCM platform with a benefits module that handles plan configuration and enrolment for large German employers; represents the broad-incumbent competitive ceiling for benefits administration.

Emerging players

• Circula: German benefits and expense management SaaS focused on tax-advantaged employee benefits (Essenszuschuss, Mobilität) — a direct German-market competitor to a subset of Multi-Flex-Ben-Portal capabilities with overlapping HR buyer personas.
• Hastee: European earned-wage and financial-wellness benefit provider targeting HR buyers in DACH and the UK with a complementary (rather than directly overlapping) benefits-adjacent proposition to Multi-Flex-Ben-Portal.

Others

• ValueNet Group: Sister company to BONAGO providing sales distribution and the Steinsee Business Health Club; operates as both an affiliate and joint GTM partner, sharing trade show presence (ZPE/ZPN/ZPS) and BGM solutions with BONAGO.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bonago-incentive-marketing-group
• Xx.com/bonago
• Facebookfacebook.com/bonagogroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BONAGO