Real-time total compensation tools provider Pave has secured $16m in its Series A funding round.
Andreessen Horowitz led the raise via its a16z Cultural Leadership Fund. Bessemer Venture Partners, Jeff Bezos’ personal investment company Bezos Expeditions, Dash Fund, and Y Combinator also participated in the oversubscribed round.
Pave was previously known as Trove, but rebranded alongside the investment announcement.
“It’s time to put cumbersome processes to the side and enter a new era of compensation practices rooted in transparency and fairness for all parties involved,” said Matt Schulman, founder and CEO, Pave.
“We’re excited to bring this reality to life by expanding companies’ access to real-time benchmarking tools and insights.”
Kristina Shen, general partner at Andreessen Horowitz will join Pave’s board of directors.
“Legacy methods of manually gathering compensation data are incredibly tedious and often result in out-dated, irrelevant figures,” Shen said. “Pave is transforming how companies visualize this data while empowering employees to decipher the ins and outs of their equity compensation.
“We believe that Pave has the opportunity to own the world of compensation, employee rewards, and beyond, and we couldn’t be more thrilled to partner with Matt and the team at Pave.“
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