OpenComp Announces $20M Series A Led By K5 Global and J.P. Morgan!

Today is a big day. 

Thirteen months ago, Nancy Connery and I co-founded OpenComp to bring clarity to businesses using our compensation software. Eleven months ago, we announced a $4.6M seed round led by TIME Ventures, the investment fund for Marc Benioff. 

Since then, we’ve been humbled to watch the customer base of OpenComp's compensation software grow 432% to over two thousand high-growth companies. From seed to IPO, OpenComp’s customers include many well-known organizations that earlier-stage companies aspire to become: Calm, DataRobot, Discord, DrChrono, Figma, Medium, Mosaic, Mux, Reddit, and more.

Together, our customers and the high-caliber OpenComp team deliver on the promise of compensation clarity with our compensation software.

J.P. Morgan Leads OpenComp’s $20M Series A

For all of these reasons, it is now my honor to say thank you. 

Today we announce our $20 million Series A, led by J.P. Morgan with K5 Global. TIME Ventures (the investment fund for Marc Benioff) is a returning investor, and additional investors include 8VC, Circle Ventures, and Mantis Ventures. 

>> Read the press release here.

Thank you to OpenComp’s customers.

Thank you to OpenComp’s investors.

Thank you to OpenComp’s team.

And thank you to OpenComp’s team’s families. You’re part of our growth, too, and we appreciate everything you do to support and inspire us on this journey.

Big Things on the Horizon

So what’s to come? Huge and exciting things:

• New, end-user focused product releases to help CEOs, CFOs, and CPOs pay their teams competitively, consistently, and fairly — while masterfully managing cash burn and equity dilution all in one compensation software platform.
  
  
• Social impact initiatives that radically shift the high-growth landscape, addressing the most important issues of our time.
  
  
• An exclusive, trusted community for founders and CEOs, building today’s modern companies. Members can connect with serial founders who have successfully navigated the road ahead, gain access to global experts in issues facing high-growth organizations, and ensure peak performance with a collection of ultra-curated resources, case studies, and benchmarks.  Learn more in our High Growth Matters community announcement, or request to join here.
  
  
• Finally, this wouldn’t be a Series A announcement without the obligatory statement that we plan to hire a bunch of uber-talented engineers, product experts, and sales people to make our compensation software platform even better.
  
  
• And so much more…

I can’t wait to share more specifics in the coming weeks and months. To paraphrase the words of Annie Vasishta of OpenComp customer Landed: We are enabling rapid growth while giving teams the pay equality they deserve.

And we’re just getting started. 

__________________________________________________________________

Thanh Nguyen is CEO & Co-founder at OpenComp. A serial entrepreneur and former member of the founding HR team at salesforce.com, Thanh writes about topics including startup compensation, company growth strategies, the future of work, and hybrid work for publications including TechCrunch and Forbes. Connect with him on LinkedIn here.