Keep Financial, a San Jose, California—based technology company focused on compensation to enhance recruiting and retention, raised $9m in seed funding.
The round was led by Andreessen Horowitz with participation from Launchpad Capital, Thomvest Ventures, Cambrian Ventures, and Worklife Ventures.
Co-founded by CEO Rob Frohwein and President Kathryn Petralia, who previously co-founded Kabbage®, a cash flow management fintech that was acquired by American Express in 2020, Keep Financial is launching the KeepTM platform and its initial Keep Vesting Cash Plans. With Keep, companies can attract and retain high-quality employees with upfront cash payments that vest over time, supporting an employee’s personal goal such as a down payment on a house, repaying student loans, investing for retirement, and more.
Keep works for any industry and in a variety of use cases, including differentiating job offers in a crowded labor market, targeting key workers at competitive firms, retaining employees in the wake of M&A activity, ensuring key employees feel valued, and more.
Keep’s Vesting Cash Plans allow employers to offer a portion of compensation as usable cash, delivered to employees upfront, and vested or forgiven over time. In return, the employees commit to remaining active, supportive workers during that time period. Keep’s Vesting Cash Plans can range from a few thousand dollars for entry-level jobs with high turnover rates to six figures or more for senior roles requiring specific skills and experience, ensuring it is a compensation option across the entire labor market.
FinSMEs
18/05/2022