Compete, a Software as a Service (SaaS) platform for real-time compensation and benefits benchmarking, raised $15 million in Series A funding within eight months of its $2.5 million seed round. The funding is expected to help drive Compete’s U.S. and U.K. expansion and bolster its global teams.
Investment firm Tiger Global led the Series A funding, which also included participation from existing investors Aleph and Vine Ventures, following Compete’s exponential growth over a short period. In less than a year, the company increased its paid customer base by 800 percent, doubling its headcount.
Complete provides immediate insights into complete compensation package data and enables organizations to develop more effective workforce management strategies. The company empowers leaders with analysis on over 50 types of benefits, real-time benchmarking data, advanced analytics and tailored insight to support hiring decisions, identify risks, improve retention and develop informed compensation policies.
“Talent will make or break companies,” said Amit Rapaport, co-founder and CEO of Compete. “As the labor market becomes increasingly hyper-competitive, organizations struggle to adapt their recruitment and retention strategies to the talent war, evolving employee motivations, and unprecedented turnover. Taking a laser-focused data-driven approach is critical to winning the talent competition and growing your company.”
Compete’s rich set of HR data includes:
- Gender, tenure, role to salary, signing bonus, annual bonus, stock options, equity, promotion cycles, and talent mapping.
- It also factors in dozens of benefits, including maternity and paternity leave, 401K policies, vacation policies, commission plans, and health benefits.
- Data that is in-depth and tailored according to seniority, technology roles such as how a back-end engineer compares to a mobile engineer, and numerous others.
