Compa, the leading offers-based compensation market data provider, announced that it has raised a $10M Series A to bring real-time market intelligence to compensation decisions for the world’s largest and fastest-growing companies.
Storm Ventures led investment with participation from Penny Jar Capital, HR Tech Investments (an affiliate of Indeed), NJP Ventures, Base10 Partners, and Acadian Ventures. The round follows the rapid growth of Compa’s market data product, launched in May 2023, which introduced a new approach to compensation market data based on offers from applicant tracking systems, ushering in a new age of real-time compensation technology.
Using Compa, compensation teams access real-time offer data aggregated across a network of participating companies to detect market changes. Customers include Airbnb, NVIDIA, Stripe, Instacart, Block, DoorDash, Autodesk, and more leading enterprise companies.
“Enterprise compensation teams manage billions of dollars of spend each year. As market volatility increased over the past several years, they can no longer rely on legacy survey data,” said Charlie Franklin, Co-founder & CEO of Compa. “Markets are fast-changing and new jobs like AI Engineering can emerge overnight. To navigate these trends, compensation teams need reliable, real-time market insights, and Compa provides exactly that.”
Compa’s market data solutions represent a radical departure from traditional surveys, where self-reported data is employee-based and published in annual reports. By analyzing offer data, compensation teams can identify market changes faster and adapt strategy to improve competitiveness and manage cost.
“Real-time market data is vital for informed decision-making, and Compa’s international coverage is a game-changer, especially where reliable survey information is scarce,” said Nicky Dietrich, Director of Global Compensation at Airbnb.
Ali Taner, VP of Total Rewards at Marvell Technology, added: “Compa is enabling us to stay ahead by leveraging dynamic real-time data rather than relying on static surveys in a faster-moving, more unpredictable business environment.”
Compa was founded by Charlie Franklin in 2020 following a decade of experience as a compensation leader, alongside co-founders Joe Malandruccolo, and Taylor Cone. Compa’s mission is to make compensation fair and competitive for everyone.
“Compensation is a deeply personal and consequential topic for both employees and employers,” said Arun Penmetsa, Partner at Storm Ventures “However, today, compensation is based on backward-looking survey data, which leads to inconsistency, bias and bad decision-making. Compa addresses this problem with a revolutionary new approach. The leadership team’s deep domain expertise, coupled with its focus on serving top enterprise compensation teams, drove our decision to invest.”
With this new funding, Compa plans to build on its groundbreaking work in market data by expanding its network of participating companies and further enhancing its compensation intelligence platform.
Explore HRtech News for the latest Tech Trends in Human Resources Technology.
