OpenComp closes a $4.6M Seed Round of Funding to Help Companies Get Compensation Right with Powerful Cloud Platform
OpenComp has announced a successful close of a $4.6 seed round to support customer growth, led by TIME Ventures (the investment fund for Marc Benioff), Ev Williams from Medium, and early executives from Dropbox (News - Alert), Salesforce and Twitter. Since its soft launch in January, more than 580 companies have signed up for the cloud-based platform which helps companies develop winning compensation strategies.
"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," said Thanh Nguyen (News - Alert), co-founder and CEO, OpenComp. "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."
OpenComp helps companies generate the insights needed to create competitive offers, budget accurately and understan future cash needs, as well as ensure equitable pay and representation across categories. The powerful cloud platform combines verified market data from hundreds of high-growth companies, analytics and planning tools - including Diversity, Equity and Inclusion (DEI) benchmarking and remote-first planning.
"With their invaluable expertise and experience, Thanh Nguyen and Nancy Connery (OpenComp co-founders) are leaders in compensation planning advisory services for my organizations and many of Silicon Valley's fastest-growing companies," said Ev Williams, CEO and founder, Medium. "Insights that were accessible only through consulting engagements are now broadly available in simple-to-use solutions from OpenComp. I'm thrilled to be both a customer and an investor."
Pricing & Availability
OpenComp is available for free for early-stage and nonprofit organizations, with a tiered pricing for other organizations based on size and needs.
Consultation services from experts with deep planning experience are included in two of the standard packages and available otherwise if needed for more complex needs. Available now at www.opencomp.com.
OpenComp empowers high-growth companies to get compensation right and pay employees fairly. With trusted market data, planning, analytics and professional consultation in one complete platform, OpenComp greatly simplifies compensation planning. Founded in San Francisco in 2021 by Thanh Nguyen and Nancy Connery, more than 860 companies use OpenComp including Healthy Together, Medium, MUX, Octant, Superhuman and Udacity. Learn more at www.opencomp.com.
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