OpenComp, which claims it can help companies pay employees fairly, has closed its seed round on $4.6m.
The round was led by TIME Ventures, with a commitment also coming from Medium founder and CEO Ev Williams.
OpenComp, which held a soft launch in January 2021, has already signed up more than 580 companies to its services.
The FinTech enables companies to generate insights to create competitive offers, budget accurately and understand future cash needs. Its tools also ensure equitable pay and representation across categories.
It is able to generate in-depth insights by combining verified market data from hundreds of high-growth companies, analytics and planning tools.
OpenComp co-founder and CEO Thanh Nguyen said, “People are a company’s greatest asset which is why it’s so critical to compensate employees fairly and judiciously. And yet, compensation planning continues to be an ad-hoc exercise for many growth companies due to lack of priority, time and access to quality benchmark data or expertise.
“We are empowering companies to approach compensation confidently and to make it a cornerstone of their success with a complete solution built from our decades-long compensation and HR consulting experience.”
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