Today we announced that Syndio has raised $17.1 million in Series B funding.
Bessemer Venture Partners led the round, with additional investment coming from Next Play Capital and Concrete Rose Capital. This builds on Syndio’s momentum following a Series A round of $7.5 million in May, co-led by Emerson Collective and Voyager Capital, which also participated in this round.
The timing for this funding round was driven by the incredible demand we have seen for our suite of products as pay equity, increased representation of women and minorities in senior leadership, and workplace fairness have become a priority for employers — table stakes for doing business in today’s world.
But I’d be remiss to talk about this news without acknowledging the unsettled backdrop of our country right now.
As I watched yesterday’s disgraceful events at the Capitol unfold, I couldn’t help but think about the events of this past summer, where large numbers of peaceful protesters gathered at the same Capitol showing their support for the Black Lives Matter movement, demanding justice for the Black citizens who were needlessly shot, choked, beaten or otherwise violated by police. Where those peaceful protesters were met with tear gas and rows of armor-clad law enforcement officers, the “protesters” of yesterday were permitted not only to hurry across the Capitol grounds and up the stairs, but to enter the halls of Congress, armed with firearms and carrying Confederate battle flags.
The same lack of fairness we’re seeing play out in these contrasting events mirrors the inequity that employers are actively working to fix.
Fairness at work, equitable pay, the elimination of unjust discrepancies — these are things we stand for, among others, here at Syndio. And there is no place for actions by the most radical of President Trump’s base, a seldom-seen example in our country of violent objection to the democratic process. More significant than the goal of any software or business pursuit are the core standards I set for myself and for our company: fairness, humility, and basic decency as a baseline. These core principles were entirely absent in yesterday’s chaos. But just as Congress reconvened to confirm the election results, we won’t be deterred and we remain committed to our mission. In fact, the more injustice we see, the more we strengthen our resolve to drive change.
I feel fortunate to lead meaningful work for a purpose-driven company and be part of the solution.
Fueling the mission of workplace fairness
The enterprise changes brought on by COVID-19 are driving Syndio’s mission forward like never before. As fixing workplace inequality takes on new urgency for employers, we at Syndio know that pay equity is a tangible step towards that goal. And we’re confident that pay equity is attainable through the products and services we provide and continue to improve on.
We’re seeing many more companies embrace fair pay as the foundation of a diverse and inclusive workplace. Today, our 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. We’re proud to partner with brands like Adobe, Nordstrom, Salesforce, Slack, and StitchFix, who are leading the way in equity and setting the standard for workplace fairness.
New legislation at all levels in the U.S. and around the globe continues to press equity to the forefront of the fairness agenda. But legislation is not, and never has been enough. Progress has always been greatest when corporate leaders commit to resolving a common problem — and we’re committed to helping those leaders navigate the journey to workplace fairness. Our Series B investment gives us the ability to innovate faster and create new products that address some of the most difficult and embedded problems these organizations face, including ongoing pay equity, opportunity equity, industry benchmarking, and workforce analytics to drive and guide compensation decisions with equity and fairness baked in.
We’re grateful to our investors who believe in our vision and the approach we take to build lasting change for our customers. We’re honored to work with corporate leaders pioneering workplace fairness. And we’re more determined than ever to continue providing solutions to create a more fair and equitable workplace.