Compete, an Israeli startup that offers an SaaS platform for real-time compensation and benefits benchmarking, raised $15 million in Series A funding within eight months of its $2.5 million seed round.
Founded in 2020, Compete says that it gives an “unfair advantage with immediate insights” into complete compensation package data, including parental leave, work from home policies, and health benefits. An easy-to-use SaaS solution, Compete provides real-time data and instant analysis with advanced filtering capabilities perfectly tailored for tech companies.
The data that Compete’s platform gathers includes gender, tenure, role to salary, signing bonus, annual bonus, stock options, equity, promotion cycles, and talent mapping. It also factors in dozens of benefits, including maternity and paternity leave, 401K policies, vacation policies, commission plans, and health benefits. The available data is in-depth and tailored according to seniority, technology roles such as how a back-end engineer compares to a mobile engineer, and numerous others.
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In less than a year, the company increased its paid customer base by 800%, doubled its headcount, and hired a team of executives where four out of six are female leaders. Its growth reinforces the belief investors have in the HR tech firm that empowers corporate customers to gain a vital edge in recruiting and retaining top talent.
“Talent will make or break companies. As the labor market becomes increasingly hyper-competitive, organizations struggle to adapt their recruitment and retention strategies to the talent war, evolving employee motivations, and unprecedented turnover. Taking a laser-focused data-driven approach is critical to winning the talent competition and growing your company,” says Amit Rapaport, cofounder and CEO of Compete.
“Compete provides tech companies with a 360 degree understanding of current compensation package benchmarking data. So, as HR leaders and CFOs start the year, they can, at the click of a button, understand what it will cost them to recruit and retain the top talent they need to grow their companies,” she added.