Seattle-based pay equity software startup Syndio has gained a new set of high-profile investors.
The new investors, announced Monday, are contributing to Syndio's $50 million Series C round it raised in September; a Syndio spokesperson said the round always had a portion earmarked for a diverse set of angel investors. The new investors include WNBA star Candace Parker and Zillow co-founder Spencer Rascoff through his 75 and Sunny venture fund.
“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," Maria Colacurcio, CEO of Syndio, said in a news release. “Their support will help us reach new audiences, scale and deliver our groundbreaking products, and make equity and opportunity a reality for all."
Other investors to join in the round include 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; and Cap Table Coalition. Syndio said the startup worked with the venture fund Operator Collective to connect with a diverse set investors. Operator Collective has more than 150 partner investors, of which 90% are women and 40% are people of color, Syndio said in a release.
Emerson Collective and Bessemer Venture Partners led the initial round, while Voyager Capital participated. Syndio has raised $83 million since its founding in 2017.
Syndio has gained serious backing from the basketball world over the past year. In addition to funding from Parker, the company raised about $1 million in June from Penny Jar Capital, which is backed by two-time NBA MVP Stephen Curry.
Syndio uses technology to identify pay disparities across race and gender, cross-referencing those findings against tenure, skills and experience. According to the company, 98% of clients analyze pay equity by race and gender, and 44% plan to review equity and stock in the future. Syndio's clients include Nordstrom, Salesforce and General Mills.
“Syndio’s commitment to moving beyond pay to make workplace equity a reality is critical,” Lynch said in a news release. “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.”
