Pave (fka Trove), a San Francisco, CA-based provider of a suite of real-time total compensation tools, raised $16m in Series A funding.
The round was led by Andreessen Horowitz with participation from a16z Cultural Leadership Fund, Bessemer Venture Partners, Bezos Expeditions (a personal investment company of Jeff Bezos), Dash Fund, and Y Combinator. In conjunction with the funding, Kristina Shen, General Partner, a16z, will join Pave’s board of directors, and Marc Andreessen will be a board observer.
The company intends to use the funds to further develop its API-powered network of modern compensation tools and data for the global labor market.
Led by Matt Schulman, founder and CEO, Pave provides a suite of tools to plan and communicate total compensation, eliminating confusion around equity. The Pave suite integrates with dozens of applicant process, HR, and compensation planning tools, including Greenhouse, TriNet, BambooHR, Namely, Carta, Lever, ADP, Workday, Jobvite, Shareworks, Rippling, Justworks, Paylocity, Sapling, UltiPro, and E-Trade.
The company also announced plans to launch the Pave Compensation Benchmarking Project this week — a compensation data survey with an exclusive group of venture capital firms, including a16z, Bessemer Venture Partners, NEA, Redpoint Ventures, and startup accelerator Y Combinator.
Many startups, such as Allbirds, Checkr, Instabase, ThoughtSpot, Tide, Hover, Plenty, and Relativity Space, have used Pave’s solution to manage their compensation practices.