OpenComp, a San Francisco, CA-based provider of a cloud-based platform which helps companies develop winning compensation strategies, closed a $4.6 seed funding round.
The round was led by Time Ventures (the investment fund for Marc Benioff), Ev Williams from Medium, and early executives from Dropbox, Salesforce and Twitter.
The company intends to use the funds to continue to expand operations and its development efforts.
Led by Thanh Nguyen and Nancy Connery, OpenComp helps companies generate the insights needed to create competitive offers, budget accurately and understand future cash needs, as well as ensure equitable pay and representation across categories. The cloud platform combines verified market data from hundreds of high-growth companies, analytics and planning tools – including Diversity, Equity and Inclusion (DEI) benchmarking and remote-first planning.
Since its soft launch in January, more than 860 companies use OpenComp including Healthy Together, Medium, MUX, Octant, Superhuman and Udacity.