The funding brings Pave’s valuation to $400M. Here are the top-line bullets you need to know.
Pave, a compensation tool developer, has raised $46M in a Series B funding round. The round drew participation from Y Combinator and Bessemer Venture Partners, among others.
How’s the company performing?
- California-based Paveallows companies to benchmark employee compensation in real-time.
- The company has 900 customers, which include Shopify, Hover, Discord, Allbirds, and Relativity, among others.
- Pave integrates with tools such as Greenhouse, Workday, Carta, Lever, and Zenefits, among others.
- The company’s platform has over 65,000 employee records for benchmarking and has experienced a 25% increase in revenue since 2020.
Why does the market matter?
- The global HR payroll software market is projected to witness a CAGR of 4.9% and reach a value of $5.89B by 2025, according to Apex Market Research.
- The on-demand economy, the rise of flexible payment methods, a globally distributed workforce, and disruptions caused by Covid-19 have contributed to the industry’s growth.