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🦄 Unicorner Startup of the Week: Pave
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✍️ Notes From The Editors
To: Unicorner Reader
From: The Unicorner Team 🦄
Happy (belated) Valentine's Day! We want to say thank you to each and every one of you for your loyalty and support. None of this would be possible without you. Your kind words keep us motivated. Thank you! ❤️
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Making employee compensation transparent
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Pave (formerly Trove) is on a mission to help companies better plan and communicate their compensation policies. The company’s tools lie in three categories. Plan: Companies can plan smart policies based on market data and analytics. Communicate: Employees can see how much they’re being paid and what their stock or equity options look like. Benchmark: Companies can easily compile compensation benchmarks with Pave’s suite of integrations for HR software.
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💰 Business Model
Companies pay for enterprise access to most of Pave’s services. This excludes its benchmarking services, which are free as long as the company connects its own HR data to Pave.
📈 Traction and Fundraising
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Took part in Y Combinator S20 batch
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Raised $16 million Series A round with investors like Andreessen Horowitz, Bessemer, Bezos Expeditions, and more
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Current customers include companies like Canva, Allbirds, and ThoughtSpot
👫 Founder(s)
🔮 Our Analysis
Compensation transparency is a tricky issue. Employees often feel frustrated and confused by their compensation for a variety of reasons. They may feel uncertain about how their salary compares to their coworkers, or they may not understand their stock or equity options. With a platform that tracks and communicates information about employee compensation, Pave is hoping to clear up this confusion and, where applicable, end pay gaps. If Pave can successfully promote their platform and encourage adoption, it would not only change how employees understand their paychecks but also hold companies (and potentially entire industries) accountable for payment inequalities.
📚 Further Reading
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Made with 💜 by the Unicorner Team 🦄
Comments? Just reply to this email!
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🎁 Bonus Content!
Do you have a cool idea and need funding? Pear VC is hosting its annual Pear Competition for student-led startups. Winners receive a $25,000 uncapped SAFE investment and an opportunity to interview for the Pear Accelerator. You can find more information (as well as deadlines for each school) here. |
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