Compensation software firm BetterComp raises $33m

July 22, 2025

BetterComp, a compensation management software provider based in the US, has raised $33m in a Series A funding round led by Ten Coves Capital.

The fresh capital will support BetterComp’s plans to expand its AI-powered platform, scale operations, and move into adjacent product categories. The company also intends to grow its international presence and better serve its fast-growing customer base, which already includes numerous Fortune 500 firms.

Founded in 2019 by Alan Miegel, Sandra Leon, and Derek Watson, BetterComp delivers a modern alternative to outdated compensation tools. The platform replaces legacy systems with user-friendly, AI-driven technology that helps large organisations manage pay decisions with greater speed, accuracy, and compliance.

The company’s tools allow compensation teams to automate daily tasks, apply bespoke formulas, and visualise clean datasets. These capabilities aim to free professionals from manual processes and enable them to focus on strategic, data-informed decisions.

The firm has reported 100% year-on-year growth for the past two years and a 33% increase in headcount in 2025 alone. Today, 38% of its clients are Fortune 500 companies.

BetterComp co-founder and CEO Alan Miegel said, “We spent years watching HR departments benefit from consistent advancements in technology that made their roles more seamless and agile.

“When we founded BetterComp, our goal was to bring similar innovation to compensation departments, which have historically lacked this kind of progress. After bootstrapping the business since inception, this fresh capital validates our vision and is a testament to our team’s dedication to better serving clients and expanding into new markets.”

Ten Coves Capital partner Steve Lula said, “We are thrilled to be part of BetterComp’s journey to modernize and automate compensation management – an area that has long been overlooked by tech innovation. We see tremendous value in what BetterComp is building and believe this team has the domain knowledge and network to create a market-leading company in the compensation industry.”