Seattle-based pay equity software company Syndio on Monday announced a $50 million Series C round.
The raises comes after Syndio raises a $17.1 million Series B in January and roughly $1 million in June from Penny Jar Capital, which is backed by two-time NBA MVP Stephen Curry. According to the Syndio, the money will help the company with new product development and hiring.
"As you think about Syndio as a company, we started by addressing pay equity with the intent to always broaden to a platform that addressed workplace equity," Syndio CEO Maria Colacurcio previously told the Business Journal. "I think that’s what we’re seeing right now. We’re seeing that trend continue."
Syndio's website says the company has open roles in engineering, marketing and sales.
Syndio's technology identifies pay disparities across race and gender, and it cross-references its findings against factors like tenure, skills and experience. The goal is to identify if companies have a bias problem in their pay. Syndio has 200 clients, including Nordstrom, Salesforce and General Mills, according to the company.
Syndio said in a news release it has tripled its annual recurring revenue over the past two years, and it projects a similar growth rate next year.
Syndio has seen a shift recently in how clients use its technology. Before the murder of George Floyd in May 2020, only half of its clients analyzed pay disparity based on race, but now 98% analyze both gender and race, the company said.
Colacurcio co-founded Bellevue-based Smartsheet, which went public in 2018. She also worked at Starbucks for over three years and eventually held the role of director of business integration. Colacurcio took the Syndio CEO role in 2018.
Emerson Collective and Bessemer Venture Partners led the round, while Voyager Capital participated. Syndio has raised $83 million since its founding in 2017.
“Our commitment to advancing equity is captured in the belief that complex, systemic failures require different, modern approaches,” Fern Mandelbaum, managing director of venture investing at Emerson Collective, said in a statement. “Syndio has a simple goal: make pay equity a reality for all employees.”
