Pave is a well-known platform working in compensation tech. It has confirmed its latest Series B funding round of $46 million. This was driven by the YC Continuity Fund, while the company adds Ali Rowghani to the board. The round also had participants like Bessemer Venture Partners, Andreessen Horowitz, and others. Pave is known for its direct integration abilities with the equity and HR systems of customers. This means that customers will get access to compensation-based information in real-time. They will not have to deploy spreadsheets for merit-cycles, surveys, and statements of rewards anymore. Sara Graves, who co-founded US Title Loans, opined that Paves is best for real-time compensation planning, communication, and benchmarking (without spreadsheets). Pave collects compensation data in real time and puts it all in one place so that merit cycles can be managed in one place. (You can get more info here if you are interested in US Title Loans.)
Pave is already giving its compensation benchmarking data site absolutely for free in real-time. This comes with API-power and zero requirements for manually entering date. Companies can sign and integrate systems like Cap Table, ATS, and HRIS, with an aim to unlock this data. This is based on 65,000 records of anonymized employees, across 25+ venture capital (VC) partners. This tally includes Andreessen Horowitz and Y Combinator among 900+ entities. The Managing Partner at Y Combinator Continuity and new board member at the company, Ali Rowghani, stated that the partnership with Pave will be exciting, offering access to benchmarking information in real-time for each startup. He also added that there will be access to a wider suite of tools for compensation needs.
The Founder & CEO at Pave, Matt Schulman, stated that compensation is more complex nowadays. He also added that the company feels that fair and transparent market data should be accessible for everyone. The focus remains on unlocking and offering more insights to help entities take fairer and informed decisions regarding compensation. He also stated that the real excitement lies in tying up with investors who share the same vision. The coronavirus pandemic has ramped up digital shifts across mainstream workplaces, creating a need for insights in real-time. There is also a pressing need for parity in salary payments and higher transparency, with employees working more throughout remote/hybrid scenarios, switching their jobs, or relocating.
The company offers a chance to tap into valuable data for working out the right payment and compensation for any job role. There are refreshers available on equity, bonuses, and more. Personalized recommendations are also available, along with workflows for approvals. Compensation statements and offers can be given to employees, clarifying their equity and package queries. Pave was setup in 2019 and its products launched by mid-2020. It has already grown its revenues by 25 times, achieving 30+ integrations. It has also grown to 50 employees in only a few months. The fresh funds back the goal of the company to enable easier access towards compensation-linked information. This benefits companies of all sizes, right from staggering Fortune 500 entities, to even smaller startups. The Pave Data Lab has arrived, displaying trends in market compensation.