Syndio Raises $17.1 Million In Series B Funding

By Noah Long ● January 14, 2021
  • Syndio — a leading equity tech analytics platform — announced recently that it raised $17.1 million in Series B funding

Syndio — a leading equity tech analytics platform — announced recently that it raised $17.1 million in Series B funding. Bessemer Venture Partners led the funding round with additional investment from Next Play Capital and Concrete Rose Capital. Syndio also added Byron Deeter and Talia Goldberg from Bessemer to the board.

This funding round builds on Syndio’s momentum following a Series A round of $7.5 million in May co-led by Emerson Collective and Voyager Capital. Both of those firms also joined this round.

Syndio’s flagship product PayEQ is used by over 100 companies to analyze and resolve pay disparities based on gender, race, or ethnicity across 2.3 million employees. And current customers include Adobe, Hyatt, Nordstrom, Salesforce, Slack, and StitchFix. Syndio plans to use the new funding to drive rapid product development across opportunity equity, benchmarking, and workforce analytics. Plus Syndio will continue to build more seamless solutions for starting pay and ongoing compensation adjustments with fairness and equity baked in at every stage of decision making.

Syndio’s annual recurring revenue nearly tripled during 2020 despite the pandemic. And Syndio has become positioned as both the solution and thought leader in the market. The company is also engaging in research around fairness at work and released research around the impact of Covid on women in the workplace and a white paper on race and pay equity.

Syndio was co-founded in 2017 by pay equity attorney and Ph.D. Zev Eigen — who serves as the company’s Chief Science Officer. Colacurcio joined as CEO in 2018.

Last year Emerson Collective awarded her with the Dial Fellowship — which equips remarkable social entrepreneurs with tools to strengthen their impact. Before that, she co-founded Smartsheet.com — a work collaboration tool for companies of all sizes. Plus She has a proven track record of building successful companies with strong core values that are dedicated to its people and customers.

KEY QUOTES:

“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. Syndio’s products apply rigorous analysis, proprietary data, and a SaaS-based approach to problems that, until now, were obscured and unsolvable. The opportunities to drive change in workplace equity are unbounded. We have total confidence in Syndio’s team to deliver comprehensive, industry-leading solutions based on their impressive track record, their customer-first mindset, and the deep expertise they bring to the space.”

— Byron Deeter, partner at Bessemer Venture Partners

“How we value people is reflected in our pay practices, and employees cite pay equity as the single most important step a company can take to create a fair workplace. 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. Fair pay is the foundation of a diverse and inclusive workplace, and organizations need better ways to measure and analyze all aspects of compensation. We’re grateful to Bessemer and our other investors who believe in our vision and the approach we take to build lasting change for our customers.”

— Maria Colacurcio, CEO of Syndio