Pave, a San Francisco-based HR tech platform, is on a mission to arm companies with enough info to make more fair compensation decisions. After raising its Series A less than a year ago, the company is already receiving another fresh injection of capital to support its mission as it continues to grow.
On Tuesday Pave announced that it raised $46 million in a Series B round which sent the company’s valuation soaring to $400 million. The fresh raise, led by YC Continuity Fund, could not have come at a better time. Pave is growing at a rapid rate. Over the last several months the company has increased its revenue by 25x, according to Pave.
Pave’s platform leverages real-time data in order to keep companies informed on the ever-evolving labor market. The company draws its data insights from anonymized employee records from over 900 brands.
“Companies are caught in a deep philosophical debate around how to compensate in a post-COVID era and Pave will be the first to know as the market moves,” Marc Andreessen, co-founder of Andreessen Horowitz, another Pave investor, said in a statement.
The pandemic has helped to highlight a greater need for compensation transparency as employees across the U.S. continue to work remote and, in some cases, choose to relocate to new cities.
Pave offers three core products which integrate with dozens of other HR tools including Rippling, Namely and Greenhouse.
Pave’s Plan offering helps companies administer bonuses via customizable recommendation and approval workflows. Pave Communicate extends compensation statements to job candidates, enabling them to model out their ideal compensation package.
And finally Pave Benchmark, announced in tandem with the funding, helps companies decide how much to pay a new employee based on the specific role they’re applying for. The tool is free to access, according to the company.
“Price should not be a hurdle to understanding how much to pay your people. It is a basic human right, and all companies have a duty to leverage best-in-class benchmarking data to compensate fairly,” Matt Schulman, founder and CEO of Pave, said in a statement.
Pave’s revenue isn’t the only thing on the upclimb. Over the course of the last seven months, the nine person company has increased its headcount to 50.
Following the latest raise, Pave will continue to expand the size of its team. The company is now hiring for dozens of open roles, spanning multiple departments
“Compensation is more stressful than ever, we believe everyone is entitled to fair market information,” Schulman continued.
Pave has raised $63 million in venture capital financing to date, according to Crunchbase. Bessemer Venture Partners and others also participated as investors in the round.
