SEATTLE, Jan. 7, 2021 /PRNewswire/ -- Syndio, the leading EquityTech analytics platform, today announced it has raised $17.1 million in Series B funding. Bessemer Venture Partners led the round, with additional investment from Next Play Capital and Concrete Rose Capital.
This builds on Syndio's momentum following a Series A round of $7.5 million in May, co-led by Emerson Collective and Voyager Capital, who also participated in this round. Unprecedented demand for Syndio's platform drove the timeline as pay equity; increased representation of women and minorities in senior leadership; and workplace fairness have become table stakes for the enterprise. Syndio adds Byron Deeter and Talia Goldberg from Bessemer to the board.
Syndio's flagship product, PayEQ, is used by over 100 companies to analyze and resolve pay disparities based on gender, race, or ethnicity across 2.3 million employees. Current customers include Adobe, Hyatt, Nordstrom, Salesforce, Slack, and StitchFix. Syndio will use the new funding to drive rapid product development across opportunity equity, benchmarking, and workforce analytics. In addition, Syndio will continue to build more seamless solutions for starting pay and ongoing compensation adjustments with fairness and equity baked in at every stage of decision making.
"Workplace fairness is no longer simply 'nice to have.' Legal requirements are expanding state-by-state and globally, but perhaps more importantly, equity and transparency are becoming necessary ingredients for workplaces to attract and retain the best talent," said Byron Deeter, partner at Bessemer Venture Partners. "Syndio's products apply rigorous analysis, proprietary data, and a SaaS-based approach to problems that, until now, were obscured and unsolvable. The opportunities to drive change in workplace equity are unbounded. We have total confidence in Syndio's team to deliver comprehensive, industry-leading solutions based on their impressive track record, their customer-first mindset, and the deep expertise they bring to the space."
Syndio's annual recurring revenue nearly tripled during 2020 despite the pandemic, and positioned Syndio as both the solution and thought leader in the market. As achieving fairness in the workplace has taken on new urgency, the company is also engaging in research around fairness at work and released research around the impact of Covid on women in the workplace and a white paper on race and pay equity.
"How we value people is reflected in our pay practices, and employees cite pay equity as the single most important step a company can take to create a fair workplace," said Maria Colacurcio, CEO of Syndio. "We have seen incredible demand in 2020, and this investment gives us the ability to innovate faster, creating new products that address some of the most difficult and embedded problems organizations face. Fair pay is the foundation of a diverse and inclusive workplace, and organizations need better ways to measure and analyze all aspects of compensation. We're grateful to Bessemer and our other investors who believe in our vision and the approach we take to build lasting change for our customers."
Syndio was co-founded in 2017 by pay equity attorney and Ph.D. Zev Eigen, who serves as the company's Chief Science Officer. Colacurcio joined as CEO in 2018. In 2020, Emerson Collective awarded her with the Dial Fellowship, which equips remarkable social entrepreneurs with tools to strengthen their impact. Before that, she co-founded Smartsheet.com, a work collaboration tool for companies of all sizes. She has a proven track record of building successful companies with strong core values that are dedicated to its people and customers.
Syndio's mission is to empower employers to eradicate unlawful pay disparities due to gender, race, and ethnicity and make ongoing compensation decisions informed by fairness and equity data. Syndio customers drastically reduce legal risk, saving millions in ongoing remediation and create a positive brand reputation, which helps attract and retain top talent at every level of the business. Syndio is proud to partner with brands who are leading the way in equity and setting the standard for workplace fairness.