OpenComp, a San Francisco, CA-based provider of a cloud-based platform which helps companies develop winning compensation strategies, closed a $4.6 seed funding round. The round was led by Time Ventures (the investment fund for Marc Benioff), Ev Williams from Medium, and early executives from Dropbox, 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, 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.”
The company intends to use the funds to continue to expand operations and its development efforts.
Announcement: OpenComp Closes $4.6M Seed for Compensation Solution