Syndio raised $17.1 million in Series B funding. Bessemer Venture Partners led the round, with additional investment coming from Next Play Capital and Concrete Rose Capital. This builds on Syndio’s momentum following a Series A round of $7.5 million in May, co-led by Emerson Collective and Voyager Capital, which also participated in this round.
Syndio’s flagship product, PayEQ, is used by over 100 companies to analyze and resolve pay disparities based on gender, race, or ethnicity across 2.3 million employees.
“How we value people is reflected in our pay practices, and employees cite pay equity as the single most important step a company can take to create a fair workplace,” said Maria Colacurcio, CEO of Syndio. “We have seen incredible demand in 2020, and this investment gives us the ability to innovate faster, creating new products that address some of the most difficult and embedded problems organizations face. Fair pay is the foundation of a diverse and inclusive workplace, and organizations need better ways to measure and analyze all aspects of compensation. We’re grateful to Bessemer and our other investors who believe in our vision and the approach we take to build lasting change for our customers.”
Syndio will use the new funding to drive rapid product development across opportunity equity, benchmarking, and workforce analytics. In addition, Syndio will continue to build more seamless solutions for starting pay and ongoing compensation adjustments with fairness and equity baked in at every stage of decision making.
Announcement: Syndio Raises $17.1M for Pay Equity