Home News Seattle Startup Syndio Raises $17.1m As Demand Spikes for HR Software That Helps Identify Pay Gaps

Seattle Startup Syndio Raises $17.1m As Demand Spikes for HR Software That Helps Identify Pay Gaps

Seattle Startup Syndio Raises $17.1m As Demand Spikes for HR Software That Helps Identify Pay Gaps

Syndio, the Seattle startup that works to eliminate gaps in pay equity, has raised $17.1 million in new funding, the company announced Thursday.

The new investment, led by Bessemer Venture Partners, comes just eight months after Syndio raised $7.5 million in a Series A round in May 2020.

“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,” Syndio CEO Maria Colacurcio said in a statement.

The startup’s so-called EquityTech analytics software, and flagship product PayEQ, analyze salaries, rooting out discriminatory differences in pay that are tied to gender, race, ethnicity or age while providing strategies for fixing those disparities. Syndio says more than 100 companies, including Nordstrom, Salesforce, Slack, Adobe and others, use the product across 2.3 million employees.

The cash infusion will be used to “drive rapid product development across opportunity equity, benchmarking, and workforce analytics,” the company said.

Colacurcio previously told GeekWire that the COVID-19 pandemic had increased the risk of pay equity because “when survival is priority No. 1, fairness takes a back seat.” The company has released research around the impact of COVID on women in the workplace and a white paper on race and pay equity.

The death of George Floyd and subsequent social justice protests have also been a tailwind for Syndio as companies put more attention and awareness on equity in the workplace. In addition, lawmakers are increasingly enacting new legislation related to pay equity.

Despite the struggles of the health and economic crisis, Syndio says its annual recurring revenue nearly tripled during 2020.

Emerson Collective and Voyager Capital also participated in the Series B round. Byron Deeter and Talia Goldberg from Bessemer joined the Syndio board.

“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,” Byron Deeter, partner at Bessemer Venture Partners, said in a statement.

Data scientist and law professor Zev Eigen launched Syndio in 2017; Colacurcio joined in 2018. Syndio won GeekWire’s Elevator Pitch competition in 2019 and the 33-person company raised a $5.2 million seed round in January 2019.



Eskalera, a Startup Led by Goldman Sachs’ Former HR Head Has Launched a Diversity and Inclusion Index

Eskalera, a technology startup led by Goldman Sachs former human resources head Dane Holmes, has launched an index to measure corporate diversity and inclusiveness,...

HSBC to Remove 35,000 Jobs Amidst Covid-19 Crises

HSBC Holdings Plc has restarted cutting as many as 35,000 jobs, three months after the coronavirus outbreak forced it to pause a long-awaited overhaul...

Genpact Offers Its Internal Skill Training Program Globally for Everyone

Genpact has announced Adapt and Rise, a role-based online learning platform that leverages Genpact's expertise honed from delivering real-world change for hundreds of clients....

San-Francisco Based Learning Platform Degreed Has Raised $32 Million in New Funding

The upskilling platform, Degreed, has announced $32 million in new funding in direct response to overwhelming demand for better skill insights, talent mobility, and...

Research Shows the Implications of Workplace Layouts on Employee Productivity and Overall Performance

As some workplaces prepare for the gradual return of employees and overhaul office layouts and seating plans, research has shown this could also have...

Employee Concierge ‘Back Technologies’ Integrates Automation Into Internal HR and Other Support Tasks

Companies are under increasing pressure to automate workflows and digitally service their employees, particularly in light of trends toward remote work. It takes an...

HR Strategies to Help Your Business Navigate the New ‘Normal’

No business is immune to the massive changes resulting from the health crisis. Organizations have proven themselves to be agile, and employees have demonstrated...

The Importance Of Diversity And Inclusion In HR, Hiring, Talent Management: Thoughts From A Top Expert

Michael C. Hyter is one of today’s best-known experts on inclusion and diversity and the author of The Power of Choice: Embracing Efficacy to Drive Your Career and The...

HR Expert Highlights Actionable Steps to ‘Make Real Change’ Against Racism in Your Workplace

Kyra Leigh Sutton, Ph.D., is a faculty member at the Rutgers University School of Management and Labor Relations, where she teaches human resources courses...

Adidas Employees Want Company to Investigate HR Chief for Response to Racial Issues

A group of Adidas employees from around the globe is asking the company to investigate its chief human resources officer, as part of a...