Syndio Announces Series C Investment from Two-Time WNBA Champion Candace Parker, With Double-Down from Operator Collective, Concrete Rose and Next Play Capital
10% of Fortune 200 now uses Syndio to analyze employee pay
SEATTLE - March 15, 2022 - Syndio, the leading Workplace Equity Platform that helps companies unlock employee opportunity, today announced a slate of diverse investors that participated in its $50 million Series C round.
The company worked with Operator Collective, leveraging their Collective Venture Model to include investors from diverse backgrounds in the Series C. Operator Collective is the leading venture fund and community of operators - leaders who are building, running and growing today's most successful tech companies. Its 150+ operator limited partner investors are 90 percent women and 40 percent people of color.
Investors in the Series C include: Chicago Sky's Candace Parker; Alexi Robichaux, CEO and co-founder of BetterUp; Anita Lynch, chief data officer at New Relic; Rachel Romer Carlson, CEO and co-founder of Guild Education; Spencer Rascoff's 75 & Sunny; and Cap Table Coalition. Firms Concrete Rose and Next Play Capital invested in the company for the second time. They join Emerson Collective, Bessemer Venture Partners, Penny Jar Capital, and Voyager Capital to bring Syndio's total funding to $83 million.
Syndio's annual recurring revenue has more than doubled in each of the last four consecutive years, establishing it as the market leader in the $1.3 trillion Workplace Equity space. Through expansion to a platform of solutions and new products like Pay Finder and OppEq that help companies weather shifting market conditions and win the war for talent, Syndio's increased its annual contract value by 21 percent quarter over quarter.
Syndio's Workplace Equity Platform is a groundbreaking suite of products and services that help companies measure and improve all facets of workplace equity - from bringing in talent fairly to compensating, retaining, and promoting them equitably. More than 200 companies, including 10 percent of the Fortune 200 and 20 percent of Fortune Magazine's Most Admired Companies, use Syndio's platform to close pay and opportunity gaps.
"There's a demand for companies to move beyond performative gestures and bring real equity to the workplace. While we've seen some high-profile progress in sports, boardrooms and offices continue to be slower to change - especially at the senior level," said Candace Parker, WNBA player, sports commentator and entrepreneur. "That's why I'm so excited about Syndio's new Workplace Equity Platform. It's a critical part of the path to equity for all workers, and I'm thrilled to be a part of it."
"Syndio's commitment to moving beyond pay to make workplace equity a reality is critical," said Anita Lynch, investor, Chief Data Officer at New Relic, and an Operator Collective limited partner. "Maria and her team are meeting the moment with the solutions companies need to understand where pay and opportunity gaps exist, and how to build diverse, dynamic teams throughout their entire organization."
"These incredible investors span sports, business and finance but share a common belief: employees should be valued for who they are and what they contribute without bias," said Maria Colacurcio, CEO of Syndio. "Their support will help us reach new audiences, scale and deliver our groundbreaking products, and make equity and opportunity a reality for all."
Today, 98 percent of customers analyze pay equity by race as well as gender. Forty-four percent of customers plan to review equity and stock in future analyses, many for the first time, while now nearly a third conduct a pay analysis multiple times a year, sometimes even once per quarter.
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 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.
Syndio provides technology and expert guidance that helps companies measure, achieve, and sustain all facets of workplace equity. Over 200 companies, including 10% of the Fortune 200 and 20% of Fortune's Most Admired Companies, rely on Syndio's platform to close pay and opportunity gaps, mitigate legal risk, and turn DE&I goals into tangible results. Together, we are showing the world how to build resilient, open workplaces by ensuring every employee is valued based on who they are and what they contribute to their company's success.