TEL AVIV, Israel--(BUSINESS WIRE)--Compete, the leading SaaS platform for real-time compensation and benefits benchmarking, announced today that it has raised $15 million in Series A funding within eight months of its $2.5 million seed round. The funding will drive Compete’s US and UK expansion and bolster its global teams.
Investment firm Tiger Global led the Series A funding with 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%, doubled its headcount, and hired a team of executives where four out of six are female leaders. Its growth reinforces the belief investors have in the HR tech firm that empowers corporate customers to gain a vital edge in recruiting and retaining top talent.
Built by HR professionals, Compete has become a trusted partner for hundreds of leading tech companies, including Ocrolus, Monday.com, Appsflyer, Fiverr, and Lemonade. It provides immediate insights into complete compensation package data and enables organizations to develop more effective workforce management strategies. Compete empowers leaders with analysis on over 50 types of benefits, real-time benchmarking data, advanced analytics, and tailored insights to support hiring decisions, identify risks, improve retention and develop informed compensation policies. The Compete advantage delivers the ever-changing high-tech environment with the necessary tools to end the pay and equity gap and recognize their workforces for the individuals they are.
“Talent will make or break companies. 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,” says Amit Rapaport, cofounder and CEO of Compete.
“Compete provides tech companies with a 360 degree understanding of current compensation package benchmarking data. So, as HR leaders and CFOs start the year, they can, at the click of a button, understand what it will cost them to recruit and retain the top talent they need to grow their companies,” she added.
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.
- The available data 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.
“The Compete advantage is the wealth of its data. It sheds significant light on the competitive environment of a sector that has generally kept its cards close to its chest. In today's world, talent is everything, and decision-makers are looking for any edge they can get. Compete provides them with that unfair advantage in the competition for talent,” said John Curtius, Partner at Tiger Global.
US staffing revenue was expected to grow by 16% in 2021 to more than $157 billion. Such numbers show how critical attracting top talent has become with organizations looking for more innovative ways to differentiate their compensation packages from one another. Take for instance, Compete’s recent data that found a weak correlation between an employee receiving an annual bonus and remaining with the organization. Compete’s data suggests alternative benefits have taken a front-row seat to empower employees to not only perform at their best but stay longer at their jobs. Benefits such as increased paternal and maternal leave, a shortened workweek, and mental health top the list.
"Over the past few months Compete has experienced world-class performance - including incredible new hires - and we are excited to double down on our investment,” said Eric Reiner, Founder and Managing Partner at Vine Ventures. “The hiring market is becoming more competitive as it globalizes, and Compete is now a must-have for companies scaling globally."
“Compete provides HR leaders, CFOs, and CEOs with the tools and data they need to run a thoughtful compensation strategy. Their granular, real-time insights are a must-have, in today’s competitive, fast-moving talent market,” said Aaron Rosenson, General Partner at Aleph.
Visibility into common compensation and benefits practices is a must for developing workforce management strategies. Taking the guess out of guesswork, Compete gives an unfair advantage with immediate insights into complete compensation package data, including parental leave, work from home policies, and health benefits. An easy-to-use SaaS solution, Compete provides real-time data and instant analysis with advanced filtering capabilities perfectly tailored for tech companies. Founded in 2020 and headquartered in Israel, Compete is trusted by hundreds of leading tech companies around the world.
Talent is everything. Growing your team is the key to growing your company, get a headstart on your headcount. Compete!