Curo Compensation has scored £1.8m in a new funding round led by Maven Capital Partners.
Of the capital, Maven has supplied £1.2m and the remaining amount has been committed by existing investors Downing and Scottish Investment Bank.
UK-based Curo is a compensation management software solution that helps clients to manage pay review cycles quickly and securely. The solution is used in to manage compensation reviews for more than 180,000 employees in 130 currencies across 140 countries.
The company offers automated approval workflows and data distribution results, and providing users with a real-time view of workflow status, budget spend and allocation trends. Â Recently, the company launched a new services, including a business intelligence and analytics service.
Capital from the round will be used to support the sales and marketing resource, with plans focused on expanding US operations and adding an additional channel partners. Alongside this, the company is planning to launch new products this year, with its first being a gender pay gap and minority pay reporting system.
Maven investment director David Milroy said, “Curo has achieved consistent revenue growth and now is an opportune time for Maven’s clients to invest following the recent launch of CuroComp V4 and with the imminent launch of new products; most notably Curo’s Gender Pay Gap reporting system.â€
Last year, Maven led the £3.5m funding round in to RegTech company Contego Fraud Solution. The firm committed £1.8m to the funding, with the remaining equity being supplied by NVM Private Equity.
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