Syndio Investors Double in Series C, Bringing Total Workplace Analytics Platform Funding to $ 83 million
SEATTLE, September 27, 2021 / PRNewswire / – Syndio, the leading workplace analytics platform dedicated to ensuring that fairness and fairness are part of every employment decision, today announced that it raised $ 50 million in Series C financing. Emerson Collective and Bessemer Venture Partners led the round, with additional investments from Voyager Capital. This was Emerson and Voyager’s third investment in Syndio and Bessemer’s second. In total, Syndio has raised $ 83 million.
Syndio provides the only data science-based software to enable businesses to analyze and resolve pay equity issues due to gender, race, or other comparisons, and monitor them over time. Syndio’s platform is used by 200 companies, including Nerdwallet, Nordstrom, Salesforce and General Mills to measure the pay of more than 2.6 million employees in United States.
The new capital comes at a pivotal time of growth for Syndio and will help fund new product development and hiring efforts to create an even greater platform to tackle workplace fairness and respond to demand. growing demand from the company’s customers. The company has tripled its annual recurring revenue each year for the past two years and is expected to show a similar growth rate in 2022.
Over the past year, Syndio has seen a change in customer use cases. More than ever, clients are taking a proactive approach, analyzing fairness at work more regularly and in a broader scope. Before the murder of George floyd in May 2020, only 50 percent of Syndio customers analyzed breed. Today almost all (98%) analyze both gender and race. Almost a third (30%) of Syndio clients have started to analyze salaries quarterly or twice a year. Dozens of Fortune 500 companies use Syndio’s software because it reduces legal risk, helps attract and retain top talent, and makes it easier for companies to understand why they don’t pay their employees fairly and how to fix it.
“Our commitment to advancing equity is based on the belief that complex systemic failures require different and modern approaches,” said Mandelbaum Fern, Managing Director Venture Investing, Emerson Collective. “Syndio has a simple goal: to make pay equity a reality for all employees.
“Every day, the pressure from employees, investors and governments increases to close persistent gaps in the workplace to ensure that businesses experience lasting success in a 21st century economy,” said Marie Colacurcio, CEO of Syndio. “The cost of ignoring these internal and external forces is clear: loss of brand power, increased investment costs through employee attrition and inefficiency, and a collapse in morale. For the first time in history, technology exists to respond to this moment and making the workplace fair is a fundamental principle of leadership. These fairness analyzes are defined and developed by Syndio, and we are delighted to be able to count on the continued partnership of Bessemer and Emerson to fuel our growth.
“At Databricks, we are naturally obsessed with data and finding the best ways to use it. Several years ago, when we made a commitment to pay equity and closing the wage gap, we set out to find the best, most data-driven, most unbiased way to analyze pay equity. Syndio was the obvious choice, and since we started using the software last year, we have Gained an in-depth understanding of our pay equity and its underlying factors. The company not only provides the best software in the space, but access to experts and advice along our path to success. pay equity ”, declared Human Resources Director of Databricks Amy Reichanadter.
Half of Syndio’s management team identify as women and two in seven belong to historically excluded groups. Syndio was co-founded in 2017 by Zev Eigen, a pay equity lawyer and PhD from MIT, who is the scientific director of the company. Colacurcio joined as CEO in 2018. Prior to that, she co-founded Smartsheet.com, a workplace collaboration tool for businesses of all sizes. She has a proven track record in building successful businesses with strong core values that are dedicated to her employees and customers.
Syndio’s mission is to empower employers to eliminate illegal pay disparities due to gender, race and ethnicity and to make consistent and fair compensation decisions. Syndio clients dramatically reduce legal risk, save millions of dollars in ongoing corrective actions, and build a positive brand reputation, which helps attract and retain top talent at all levels of the business. Over time, we help companies close their pay gap. Syndio is proud to partner with brands – including Salesforce, Nordstrom, General Mills, Nerdwallet, Match Group and many more – that lead the way in fairness and set the standard for fairness in the workplace.
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