# OpenComp

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/opencomp

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.opencomp.com
- Total disclosed funding: $25M
- Latest round: Series A (Feb 24, 2022)
- Investors on record: 7

## About

OpenComp LLC is a technology company specializing in compensation management solutions that enhance payroll decision-making and optimize compensation strategies for businesses.OpenComp LLC, founded in 2019 in San Francisco, US, offers advanced compensation management software that aids businesses in optimizing their payroll processes. The company has successfully closed a total of 2 deals to date, with the most recent deal occurring on February 24, 2022. OpenComp raised USD 20 mn in Series A funding, co-led by investors including JP Morgan Asset Management and K5 Global, among others. The company was co-founded by Nancy Connery and Tero Vyyrylainen, both of whom have relevant experience in the tech industry.OpenComp offers a comprehensive suite of compensation management software designed to streamline and enhance the payroll decision-making process. Their core product, Comp Decision Software, integrates actionable compensation data and intuitive decision tools to facilitate various aspects of compensation workflows, including merit cycles, pay strategy, benchmarking, and pay equity analysis. The platform allows companies to access continuously updated global compensation data, enabling informed pay decisions based on reliable, crowd-sourced information. OpenComp's solutions serve a diverse clientele across multiple industries, with a particular emphasis on markets in North America and Europe. Key customer segments include HR departments and compensation analysts seeking to optimize their compensation strategies and ensure equitable pay practices.OpenComp generates revenue through a subscription-based model, where clients pay for access to their compensation management platform. The pricing structure typically involves tiered subscription plans that cater to different organizational needs. These plans provide a scalable solution suitable for companies of various sizes, including features such as global compensation benchmarking, merit and bonus cycle management, and pay equity analytics. Transactions primarily occur in a B2B context, where clients engage with the platform to refine their compensation practices and enhance employee satisfaction. Specific pricing details remain proprietary but align with industry standards for enterprise software solutions.OpenComp is strategically focused on expanding its compensation platform and operations following the USD 20 mn funding raised in February 2022. The funds will support enhancements to their go-to-market strategy and the recruitment of engineering talent. The company is in the process of developing new products aimed at improving its service offerings and plans to expand into additional markets beyond North America and Europe in the coming years. Specific timelines for new product launches and geographic expansions will be critical as OpenComp continues to grow.

## Funding rounds

- Series A, Feb 24, 2022, $20M — JP Morgan Asset Management, Alumni Ventures Group, 8VC, K5 Global, Mantis, Time Ventures, Circle Ventures
- Seed, Mar 4, 2021, $4.6M — Time Ventures

## Investors

- Time Ventures (https://capitalatlas.ai/funds/time-ventures) — Seed, Series A
- JP Morgan Asset Management (https://capitalatlas.ai/funds/jp-morgan-asset-management) — Series A
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series A
- 8VC (https://capitalatlas.ai/funds/8vc) — Series A
- K5 Global (https://capitalatlas.ai/funds/k5-global) — Series A
- Mantis (https://capitalatlas.ai/funds/mantis) — Series A
- Circle Ventures — Series A