Advantages administration startup BetterComp Inc. in the present day disclosed that it has raised $33 million in new funding to boost its market pricing and fee suggestion capabilities, develop into new product areas and develop operations.
Based in 2019, BetterComp strives to modernize compensation administration for human assets and compensation professionals. The corporate’s founders, who embody veterans from Wage.com Inc., PayFactors LLC, MarketPay Options Inc. and PayScale Inc., realized that legacy programs hadn’t developed in 20 years and got down to construct a extra intuitive, highly effective different.
“We have spent years watching HR departments profit from constant advances in expertise that make their roles extra seamless and versatile,” mentioned co-founder and chief govt officer Alan Miguel. “Once we based BetterComp, our aim was to deliver comparable improvements to compensation departments which have traditionally lacked such developments.”
BetterComp affords superior market pricing expertise that enables compensation groups to streamline survey knowledge ingestion, job matching, vary modeling and reporting. The corporate’s platform aggregates survey knowledge from {industry} leaders corresponding to Aon plc, Mercer, Willis Towers Watson Public Ltd. Co., Korn Ferry Worldwide, Culpepper and Associates Inc. and Compa Inc., permitting customers to implement customized compensation philosophies at scale.
Together with knowledge integration, BetterComp additionally will increase effectivity by way of automation and analytics, with options together with outlier detection, knowledge normalization, and reporting that permit compensation professionals to reply to finances cycles, board requests, or geopolitical wage adjustments.
One other characteristic the corporate affords, an information administration module, helps translate legacy analysis matches into up to date codecs with minimal guide effort, which is vital as job codes, stage constructions and vendor classifications change from yr to yr. The corporate additionally affords greater than 50 pre-built stories, plus customized stories developed by its buyer success workforce, reinforcing its emphasis on scalability and assist.
BetterComp mentioned it has doubled annual income progress prior to now two years from an undisclosed base. About 38% of its purchasers are Fortune 500 firms, and the corporate’s headcount has grown by 33% this yr.
The funding, the primary time BetterComp has raised funding because it beforehand launched, got here from Ten Coves Capital.
“We see super worth in constructing BetterComp and consider this workforce has the area information and community to construct a market-leading firm within the compensation {industry},” mentioned Ten Coves accomplice Steve Lula.
Picture: BetterComp
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