Compa, a Newport Beach-based compensation market data provider, has raised $10 million in Series A funding to redefine real-time compensation technology. Storm Ventures spearheaded the investment, joined by Penny Jar Capital, Indeed Ventures, NJP Ventures, Base10 Partners, and Acadian Ventures.
Compa’s market data product, launched in May 2023, introduces a revolutionary approach by leveraging offers from applicant tracking systems. This pioneering method enables a real-time understanding of compensation trends, departing from relying on self-reported employee data in annual reports.
“Enterprise compensation teams manage billions of dollars of spending 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 and CEO of Compa.
Compa’s Mission and Founding Story
Founded in 2020 by Charlie Franklin, Taylor Cone, and Joe Malandruccolo, Compa’s mission is to make compensation fair and competitive for everyone. Drawing from a decade of compensation leadership experience, Franklin and his co-founders have pioneered offers-based market data to achieve this mission.
“Compensation is a deeply personal and consequential topic for 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 and focus on serving top enterprise compensation teams drove our decision to invest.”
Customer Base and Industry Impact
Compa’s clientele includes industry giants like Airbnb, NVIDIA, Stripe, Instacart, Block, DoorDash, and Autodesk. These leading enterprises benefit from Compa’s ability to provide real-time offer data aggregated across a network of participating companies, facilitating swift adaptation to market changes.
“Markets are fast-changing, and new jobs like AI Engineering can emerge overnight. Compensation teams need reliable, real-time market insights to navigate these trends, and Compa provides exactly that,” said Charlie Franklin.
Traditional surveys, often based on static, self-reported data, have limitations in a fast-moving business environment. Compa’s dynamic real-time data empowers compensation teams to identify market changes swiftly, enabling them to adapt strategies for improved competitiveness and cost management.
“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.
With the infusion of $10 million in Series A funding, Compa will expand its network of participating companies and enhance its compensation intelligence platform.
This strategic move aligns with Compa’s commitment to providing fair and competitive compensation globally, disrupting the traditional landscape of compensation market data.
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