Equal pay startup Syndio closes $17.1m Series B

Syndio, which aims to empower employers to eradicate unlawful pay disparities due to gender, race, and ethnicity, has collected $17.1m in its Series B.

Bessemer Venture Partners served as the lead investor, with contributions also coming from Next Play Capital and Concrete Rose Capital. Previous backers Emerson Collective and Voyager Capital also contributed to the round.

Founded in 2017, Syndio’s flagship product is PayEQ is used by more than 100 companies to analyse and resolve pay disparities based on gender, race and ethnicity across 2.3 million employees.

Funds from the round will be used to increase product development across equity, benchmarking, and workforce analytics. Capital will also be used to build more solutions to support fair pay.

The company claims its annual recurring revenue nearly tripled during 2020.

As part of the deal, Bessemer partners Byron Deeter and Talia Goldberg will join the Syndio board of directors.

Deeter said, “Workplace fairness is no longer simply ‘nice to have.’ Legal requirements are expanding state-by-state and globally, but perhaps more importantly, equity and transparency are becoming necessary ingredients for workplaces to attract and retain the best talent.

“Syndio’s products apply rigorous analysis, proprietary data, and a SaaS-based approach to problems that, until now, were obscured and unsolvable. The opportunities to drive change in workplace equity are unbounded. We have total confidence in Syndio’s team to deliver comprehensive, industry-leading solutions based on their impressive track record, their customer-first mindset, and the deep expertise they bring to the space.”

The FinTech previously netted $7.5m in its Series A round in May 2020. The co-lead investors were Emerson Collective and Voyager Capital.

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