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San Francisco-based OpenComp secured a $4.6 million seed round at a $30 million valuation as it hopes to help startups get employee pay right with its compensation software.
The round was led by TIME Ventures, Ev Williams from Medium and early executives from Dropbox, Salesforce and Twitter.
OpenComp’s cloud-based compensation software platform is designed to help pre-IPO companies create competitive offers, budget accurately and understand their future cash needs through its proprietary datasets. The compensation software platform also aims to ensure equitable pay and representation across categories.
“A lot of tech startups face HR challenges, and the big ones are around compensation,” said co-founder and CEO Thanh Nguyen. "Our compensation software solves them."