Total amount raised
$20 Millions
Latest funding date
02/01/2022
Location
OpenComp has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers comprehensive compensation management solutions designed to help companies make informed pay decisions.
Keep reading to explore the intricacies of OpenComp's fundraising journey and the investors backing this innovative platform.
What Is OpenComp?
OpenComp is a company that specializes in compensation management software, offering a suite of tools designed by compensation experts. The platform includes features such as global compensation data, benchmarking, merit and bonus cycles, pay strategy and ranges, pay equity analysis, total rewards statements, headcount planning, and intelligent job offers.
Founded by Thanh Nguyen and Nancy Connery, OpenComp aims to help companies make informed pay decisions. The company is headquartered in San Francisco, California.
With a growing team, OpenComp continues to expand its reach and impact in the compensation management industry, providing valuable insights and tools to businesses of all sizes.
How Much Funding Has OpenComp Raised?
- Series A Funding Round
- Amount Raised: $20 million
- Date: February 2022
- Lead Investors: K5 Global and J.P. Morgan
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow OpenComp’s compensation platform, operations, go-to-market strategies, and engineering talent.
- Seed Funding Round
- Date: Early 2021
- Motivation Behind the Round: Initial growth and development of the company’s compensation intelligence platform.
OpenComp has raised a total of $20 million. The current valuation is not publicly disclosed.
Key Investors
- K5 Global
- Details: K5 Global is a leading investment firm known for its strategic investments in high-growth companies. The firm is co-founded by Michael Kives and Bryan Baum.
- Investment Focus Areas: Technology, media, consumer products
- Notable Investments: SpaceX, Airbnb, Coinbase
- J.P. Morgan
- Details: J.P. Morgan is a global financial services firm offering investment banking, asset management, and financial services. It is one of the largest and most well-known financial institutions in the world.
- Investment Focus Areas: Financial services, technology, healthcare
- Notable Investments: Robinhood, Plaid, Toast
- TIME Ventures
- Details: TIME Ventures is the investment fund for Marc Benioff, co-founder of Salesforce. The fund focuses on innovative and impactful companies.
- Investment Focus Areas: Technology, healthcare, sustainability
- Notable Investments: SpaceX, Planet Labs, Moderna
- 8VC
- Details: 8VC is a venture capital firm that invests in transformative technology companies. It was co-founded by Joe Lonsdale, a co-founder of Palantir Technologies.
- Investment Focus Areas: Technology, healthcare, logistics
- Notable Investments: Wish, Asana, Guardant Health
- Circle Ventures
- Details: Circle Ventures is the investment arm of Circle, a global financial technology firm. The firm focuses on blockchain and cryptocurrency investments.
- Investment Focus Areas: Blockchain, cryptocurrency, fintech
- Notable Investments: Polkadot, Compound, Dapper Labs
What's Next for OpenComp?
OpenComp stands at the cusp of significant growth opportunities. With a $20 million Series A funding round, the company is poised to expand its compensation platform, enhance operations, and recruit top engineering talent. The rapid growth of its customer base, which has surged by 432% to over 2,100 companies, underscores the vast potential in the compensation management market.
Future fundraising seems likely as OpenComp continues to attract investor confidence. The dynamic employment market, driven by new pay transparency laws and rising employee activism, presents both opportunities and challenges. Navigating these complexities will be crucial for OpenComp to maintain its competitive edge and continue its upward trajectory.
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