- Leading workplace analytics platform Syndio recently announced it raised $50 million. These are the details.
Syndio — a leading workplace analytics platform with a goal to ensure fairness and equity are part of every employment decision — announced recently that it raised $50 million in Series C funding. Emerson Collective and Bessemer Venture Partners led the round with additional investments from Voyager Capital. With this round of funding, Syndio has raised a total of $83 million.
Syndio is known for providing the only data-science powered software to enable companies to analyze and resolve pay equity issues due to gender, race or other comparisons, and to monitor it over time. And Syndio’s platform is used by 200 companies including Nerdwallet, Nordstrom, Salesforce, and General Mills to measure the pay of over 2.6 million employees in the United States.
The new funding round comes at a pivotal time of growth for Syndio and will help fund new product developments and hiring efforts to build an even greater platform to tackle workplace equity and meet the company’s growing customer demand. And the company has tripled its annual recurring revenue every year for the last two years, and is forecasted to deliver a similar growth rate in 2022.
Over the last year, Syndio has seen a shift in customer use cases. And more than ever, customers are taking a proactive approach, analyzing workplace equity more regularly and within a broader scope.
Prior to the murder of George Floyd in May 2020, only 50% of Syndio customers analyzed race. And now nearly all (98%) analyze both gender and race. Nearly a third (30%) of Syndio customers have started analyzing pay every quarter or twice a year. Dozens of Fortune 500 companies use Syndio’s software because it reduces the legal risk, helps attract and retain top talent, and it makes it easier for companies to understand why they may not be paying employees equitably, and how to fix it.
Half of Syndio’s executive team identifies as women and 2 in 7 are from historically excluded groups. And Syndio was co-founded in 2017 by pay equity attorney and MIT PhD, Zev Eigen, who serves as the company’s Chief Science Officer. Colacurcio had joined as CEO in 2018. Before that, she co-founded Smartsheet.com, a work collaboration tool for companies of all sizes. She has a proven track record of building successful companies with strong core values that are dedicated to its people and customers.
KEY QUOTES:
“Our commitment to advancing equity is captured in the belief that complex, systemic failures require different, modern approaches. Syndio has a simple goal: make pay equity a reality for all employees.”
— Fern Mandelbaum, Managing Director Venture Investing, of Emerson Collective
“Every day, the pressure from employees, investors, and governments grows to close persistent workplace gaps to ensure that companies achieve enduring success in a 21st century economy. The cost of ignoring these internal and external forces are clear: loss in brand power, increase in capital costs through employee attrition and inefficiency, and a collapse in morale. For the first time in history, technology exists to meet this moment and make workplace equity a foundational leadership principle. These equity analytics are being defined and pioneered by Syndio, and we’re thrilled to have Bessemer and Emerson’s continued partnership in fueling our growth.”
— Maria Colacurcio, CEO of Syndio
“At Databricks, we are understandably obsessed with data and finding the best ways to use it. Several years ago when we made a commitment to pay equity and to closing the pay gap, we set out to find the best, most data-centric, most unbiased way to analyze pay equity. Syndio was the obvious choice, and since starting to use the software last year we have gained a deep understanding of our pay equity and its underlying factors. The company provides not only the best software in the space, but access to experts and guidance as we move through our journey to pay equity.”
— Databricks Chief People Officer Amy Reichanadter
