BetterComp, a leading provider of compensation management software, has secured $33 million in Series A funding, led by Ten Coves Capital. This investment will drive BetterComp’s growth, enhance its AI-based capabilities, and expand into new product areas.
Compensation is the most significant expense for most businesses, yet many large organizations use outdated and disjointed platforms. BetterComp disrupts this trend by offering a modern, user-friendly platform supported by experts. Its technology delivers time savings and AI-driven insights, enabling compensation professionals to make quicker and more accurate pay decisions.
Founded in 2019 by Alan Miegel, Sandra Leon, and Derek Watson, BetterComp aims to provide a flexible platform for scaling market pricing processes, leveraging over 40 years of combined experience in the compensation industry.
To operate effectively, compensation and HR teams must maximize the value of data and adapt to changing market conditions. BetterComp’s platform automates daily tasks and normalizes datasets, allowing professionals to focus on informed pay decisions.
Momentum: This funding follows BetterComp’s impressive growth, which has achieved 100% year-over-year growth over the past two years. Currently, 38% of its customers are Fortune 500 companies, and the company has increased its headcount by 33% this year.
KEY QUOTES:
“We spent years watching HR departments benefit from consistent advancements in technology that made their roles more seamless and agile. When we founded BetterComp, our goal was to bring similar innovation to compensation departments, which have historically lacked this kind of progress. After bootstrapping the business since inception, this fresh capital validates our vision and is a testament to our team’s dedication to better serving clients and expanding into new markets.”
Alan Miegel, co-founder and CEO of BetterComp
“We are thrilled to be part of BetterComp’s journey to modernize and automate compensation management – an area that has long been overlooked by tech innovation. We see tremendous value in what BetterComp is building and believe this team has the domain knowledge and network to create a market-leading company in the compensation industry.”
Steve Lula, Partner at Ten Coves Capital
