Despite a down market, Compa experienced a 10x revenue growth and a 793% data network growth across 17 countries in 2023. This led the company to seek additional capital, resulting in a $10 million Series A funding round led by Storm Ventures, with participation from Penny Jar Capital, Indeed Ventures, NJP Ventures, Base10 Partners, and Acadian Ventures. The new capital will be used to expand Compa's network and enhance its compensation intelligence platform and technology. The company plans to release additional products later this year to address challenging compensation topics.
Key takeaways:
- Compa, a compensation market data provider, has raised $10 million in Series A funding, led by Storm Ventures, to expand its network and enhance its compensation intelligence platform.
- The company's technology includes "deal desk" software that helps recruiters manage their compensation strategies and create unbiased, easy-to-understand offers.
- In 2023, Compa launched a product that aggregates compensation data across a network of participating companies, allowing compensation teams to identify market changes faster and adapt their strategies accordingly.
- Despite a down market, Compa experienced "explosive growth" in 2023, growing its revenue 10x and seeing a 793% data network growth across 17 countries.