Pay Equity Company Syndio Announces Investment from Penny Jar Capital

SEATTLE, June 22, 2021 /PRNewswire/ -- Syndio, maker of pay equity software used by hundreds of Fortune 2000 companies, today announced a seven-figure investment from Penny Jar Capital, an early-stage investment firm anchored by two-time NBA MVP Stephen Curry. The investment will fuel Syndio's continued commitment to help organizations establish lasting workplace equity.

Companies like Salesforce, Adobe, General Mills, PagerDuty and Nordstrom rely on Syndio's advanced pay equity software to eliminate hiring and promotion bias, improve diversity, and ensure equitable pay. Companies use the Syndio software to analyze the pay of 2.6 million employees.

"Ensuring people are paid fairly is long overdue, and is a fundamental issue that needs to be addressed to progress towards an equitable society," said Stephen Curry. "Syndio is an objective solution that removes unconscious bias from the equation and changes the way business leaders tackle workplace equity, making pay equity the standard for companies around the world."

The investment comes as Syndio sees quarterly doubling of revenue as more companies look for solutions to workplace inequities. The company continues to release new features, most recently releasing Pay Finder, a feature set that allows companies to guide discretion and eliminate bias in starting pay and promotions.

"Syndio licenses unique software that helps companies identify and resolve pay disparities. More importantly, it embeds workplace equity as an essential element of how they treat their people," said Maria Colacurcio, Syndio's CEO. "Our software makes it much easier for companies to understand why they may not be paying equitably, and how to fix it. It's clear that the past year has exacerbated inequity in our country and across the world, and employers are increasingly looking for solutions that help them fix systemic problems. We're happy to count Penny Jar as a partner in our growth."

"We couldn't be more excited to invest in Syndio. They've assembled an incredible leadership team and have a very ambitious product roadmap, both of which are driving amazing growth in an already impressive business," said Bryant Barr, General Partner at Penny Jar Capital. "We're thrilled to be part of their story, and to work alongside Maria and the team to help them realize their vision."

Penny Jar Capital joins existing Syndio investors Bessemer Venture Partners, Emerson Collective, and Voyager Capital. Syndio was founded in 2017 by Zev Eigen, the company's Chief Data Scientist.

About Syndio

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 leading the way in equity and setting the standard for workplace fairness.

Contact: Katie Curnutte, [email protected]

SOURCE Syndio