SAN FRANCISCO (February 24, 2022) - OpenComp, a leading provider in compensation software solutions, today announced it has closed $20 million in Series A funding, led by K5 Global and J.P. Morgan, with returning investor TIME Ventures (the investment fund for Marc Benioff) and additional investors 8VC, Circle Ventures and Mantis Ventures. The funding will help grow the company’s compensation software platform, operations, go-to-market and engineering talent.
Since securing its seed funding round a year ago, OpenComp’s customer base has grown 432% to more than 2,100 high-growth companies ranging from seed stage to IPO. Customers include Calm, DataRobot, Discord, DrChrono, Figma, Medium, Mosaic, Mux and Reddit.
“Compensation has always been a confusing, high-stakes gamble for high-growth companies, and this complexity is only growing with new pay transparency laws, employee activism and an incredibly dynamic, distributed employment market,” said Thanh Nguyen, CEO and co-founder, OpenComp. “Our rapid customer adoption and investor confidence underscore the large market opportunity for reliable compensation software that drive business advantage, accountability and governance.”
With 65% of the employment market looking for new jobs, companies need validated compensation data to confidently find, acquire and keep top talent while designing diverse and distributed teams. OpenComp’s compensation intelligence platform provides easy access to verified market data and workforce analysis, so startups and high-growth companies can make data-driven decisions to pay competitively while effectively managing cash burn and equity dilution.
Founded in 2021, OpenComp’s compensation software platform empowers customers to pay employees fairly and competitively with real-time compensation benchmarking, cross-organization compensation analysis and DEI evaluation tools. With insights into organizational pay disparities, for example, OpenComp customers closed their pay gap by 75% above the national average within a year.
“Prioritizing the human is a core value at Landed. With rapid growth and hiring, we use OpenComp to safeguard against inequity creeps around gender, racial ethnicity, age and more,” said Annie Vasishta, team experience lead at Landed. “The OpenComp compensation software platform has helped us understand and address any pay inequities and gives our team the pay equality they deserve.”