Pequity, an intelligent compensation platform, has announced that the company has closed a Series A round of $19 million, led by Norwest Venture Partners with participation from First Round Capital, Designer Fund, and Scribble Ventures.
“Compensation reflects a company’s values, affects its ability to hire talent, and is the biggest expense on its P&L. And yet, most comp teams run on spreadsheets and emails,” said Parker Barrile, Partner at Norwest. “Pequity empowers comp teams to design and manage equitable compensation programs with modern software designed by comp professionals, for comp professionals.”
“Getting compensation right is critical to hiring talent and scaling companies – now more than ever fueled by national social movements like Black Lives Matter and the MeToo movement,” said Pequity Co-Founder & CEO, Kaitlyn Knopp. “Many fast-growing companies don’t have the tools or resources to scale compensation programs or rely on out-of-date spreadsheets to determine compensation, which can lead to a disjointed portfolio of offers that creates pay inequities and unsustainable comp packages – costing companies an average of $440,000 per year to correct pay gaps.”
Pequity will use its Series A round to continue investing in product development and expand its hiring. The company currently has 20 team members and expects to double its workforce by the end of 2021.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.