We’re thrilled to announce our latest investment in Compa. You can read more about Compa’s launch in Techcrunch today. Compa’s $3.9 million seed round was led by Base10 Partners and we are excited to participate along with Crosscut Ventures and 212 Angels.
Compensation for Talent Acquisition
Compa provides a B2B, enterprise Saas platform that allows companies to better align their compensation packages with the actual job market. Compa recognizes that there is huge demand for a platform that streamlines offer-making during the entire job hiring and onboarding process. Unfortunately, while there are competitors such as Glassdoor and Payscale that provide complimentary salary data, most of this information is either inaccurate or biased since they are obtained from voluntary surveys.
For most companies and the employees they hire, the compensation process is confusing, awkward, and outdated.While many first-time job-seekers are advised to shore up their E.Q. and strategize how to “negotiate” their first salary, the reality is the vast majority of prospective employees generally accept the offer they are provided. The compensation market is still relatively opaque — and not just for workers, but for companies as well. In many cases, employers simply do not know what the optimal compensation is, and they ballpark through wild estimates based on their personal experiences, what they’ve heard from colleagues, or rudimentary online research.
COVID-19 has set in motion a multitude of trends that make remote work a reality that is here to stay. The rapid rise in enterprise Saas HR companies means that the process to onboard and hire employees has never been faster and easier than it is today. However, while software already exists at the beginning of the process (sourcing) and the end of the process (onboarding),there is no deal-making software yet.
While deal-making software is the central component of what Compa has to offer, they also provide secondary services such as a“Zestimate for job offers’’ that utilizes a sophisticated, data-driven algorithm to ensure that companies understand the market in realtime, as well as interactive pay experiences that create dynamic stories for people to understand pay and simplify workflows and decisions. This entire product suite is known as CompaOffers.
Compa has identified a $3.6 billion TAM opportunity which includes its core offer builder and workspace, compensation data and analytics, and compensation management and experience. It’s advantage over its competitors is driven by its first-mover advantage, access to the highest-quality and rapidly updated data,and purpose-built experience.
Compa has assembled a talented team led by founders Charlie, Joseph, and Taylor. Each co-founder brings unique and valuable experience both in the corporate and startup worlds to Compa,ensuring that the company will always be at the forefront of adaptability and agility. Together, they’ve worked at market-leading companies including Workday, Mercer, and Facebook with degrees from Stanford and UChicago, among others.Check them out at www.trycompa.com. To participate in a beta program, visit this link. They are hiring too so reach out if you’d like to join their rockstar team remotely.