Compa, based in both California and Massachusetts, emerged from stealth with $3.9 million in seed funding led by Base10 Partners. Participation in the round also came from Crosscut Ventures and Acadian Ventures, as well as a group of strategic angel investors including 2.12 Angels, Oyster HR CEO Tony Jamous and Scout RFP co-founders Stan Garber and Alex Yakubovich.
With Compa, recruiters can input pay expectations and compare recent offers and collaborate with other team members and hiring managers to reach pay consensus quicker. The software automates all of the market intelligence in real time and provides insights about compensation across similar industries and organizations.
Charlie Franklin, co-founder and CEO of Compa, said it was frustrating to lose a candidate at the compensation stage, so the company created its software to reduce the challenge of relying on crowdsourcing data or surveys to compare pay. “Recruiters often lack the data and tools to figure out how much to pay people and communicate that effectively,” Franklin said. “We see talent acquisitions teams like a sales team. If you think of it from that perspective, they need to close a candidate, but to ask the recruiter to operate off of a spreadsheet slows that process down.”
The company was bootstrapped prior to going after the seed round and will use the capital to expand the team and create additional products that fit into its mission of making compensation fair and competitive for everyone.