Pave, a San Francisco, CA-based real-time compensation platform that helps companies plan, communicate and benchmark against the market, announced that it raised $100 million in Series C funding, now valued at $1.6B, new funds solidify Pave's position as a market leader and fastest-growing global CompTech provider.
Acquired Advanced-HR from Morgan Stanley, Advanced-HR has a product suite that includes Option Impact, Option Driver, and the VCECS (Venture Capital Executive Compensation Survey).
The round was led by Index Ventures, with Partner Mark Goldberg taking a Board seat. Several new and existing investors also participated, including Andreessen Horowitz, YC Continuity Fund, LocalGlobe, Craft Ventures, Original Capital, Backend Capital, and Contrary Capital as well as notable individuals including former LinkedIn CEO Jeff Weiner and former Facebook VP of HR Tudor Havriliuc.
Pave will leverage the capital infusion and acquisition momentum to accelerate its path toward becoming the world's premier global compensation platform. The new funds and acquisition of Option Impact will also accelerate Pave's European market expansion.
Company: Trove Information Technologies, Inc.
Round: Series C
Funding Month: June 2022
Lead Investors: Index Ventures
Additional Investors: Andreessen Horowitz, YC Continuity Fund, LocalGlobe, Craft Ventures, Original Capital, Backend Capital, Contrary Capital, and Jeff Weiner
Company Website: https://www.pave.com/
Software Category: Real-Time Compensation
About the Company: Founded in late 2019 by Matt Schulman, Pave is a real-time compensation platform that helps companies effectively plan, communicate, and benchmark compensation. The Pave suite integrates with dozens of ATS, HRIS, and equity management tools, including Greenhouse, TriNet, BambooHR, Namely, Lever, ADP, Workday, Jobvite, Shareworks, Equity Edge Online, Carta, Rippling, Justworks, Paylocity, Sapling, Personio, Capdesk, Ledgy, and UltiPro. Pave now supports 2,500 customers, including Allbirds, Checkr, Instabase, ThoughtSpot, Tide, Hover, Plenty, and Relativity Space, who have turned to the company to reimagine their compensation practices.