Israeli compensation and benefits benchmarking startup Compete HR Ltd. today announced that it has raised $ 15 million in new funding to drive its US expansion and bolster its global teams.
Tiger Global led the Series A round and Aleph and Vine Ventures also participated. Including the new funding, Compete has raised $ 17.5 million to date.
Founded in 2020, Compete offers visibility into common compensation and benefits practices that are said to be a must for developing workforce management strategies. Pitched as taking the guess out of guesswork, Compete provides immediate insights into complete compensation package data, including parental leave, work-from-home policies and health benefits.
Offered on a software-as-a-service basis, Compete provides real-time data and instant analysis with advanced filtering capabilities tailored for tech companies. The aim is to enable companies to develop more effective workforce management strategies.
The analysis provided includes more than 50 types of benefits, real-time benchmarking data, advanced analytics and tailored insights to support hiring decisions, identify risks, improve retention and develop informed compensation policies. The company also says its services deliver the ever-changing high-tech environment with the necessary tools to end pay and equity gaps.
Despite its relatively young age, Compete has seen exponential growth. Over the last year, the company has increased its paid customer base by over 800% off an undisclosed base, doubled its headcount and hired a team of executives where four out of six are female leaders.
Customers include hundreds of leading tech companies, including Taboola.com Ltd., Fiverr International Ltd., Lemonade Inc., Ratuken Viber Media Sarl, Monday.com Ltd., Deep Instinct Ltd., Outbrain Inc., AppsFlyer Ltd. and WhiteSource Ltd ..
“As the labor market becomes increasingly hyper-competitive, organizations struggle to adapt their recruitment and retention strategies to the talent war, evolving employee motivations, and unprecedented turnover,” Amit Rapaport, co-founder and chief executive officer of Compete, said in a statement. “Taking a laser-focused data-driven approach is critical to winning the talent competition and growing your company.”