PayScale, Inc., a Seattle, WA-based provider of online employee compensation data, has secured an additional $7m financing.
The round was led by SAP Ventures, with participation from Burke Dale Victor, Fluke Venture Partners, Madrona Venture Group, SAP Ventures, and Trinity Ventures.
The company intends to use the funds to expand sales and marketing activities and develop products.
Founded in 2002 and led by Mike Metzger, CEO, and Dave Smith, Senior Vice President of Sales, Marketing & Business Development, PayScale leverages a large database of individual compensation profiles to show current market salaries to employees and employers. Its flaghip product, PayScale Insight, an online compensation solution that enables HR/Comp professionals, in small, medium and large companies to benchmark their workforce and align their compensation strategies with their overall business goalshas reached a user group of 2,300 business subscribers covering roughly 1m employees.