Tech
Salary startup Comprehensive raised $6 million to simplify managing employee pay data. Here’s the pitch deck it used to woo investors.
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- Comprehensive is a new HR startup that wants to simplify employee compensation and raises.
- Instead of spreadsheets, it streamlines all of a company’s salary data into simple dashboards.
- The startup just launched from stealth and raised a $6 million seed round led by Inspired Capital.
Making decisions on employee compensation can be complicated, require data from multiple different departments, and leave a lot of managers in the dark.
Those are at least the main problems that Comprehensive founders Teddy Sherrill and Roger Lee found when they came together in 2021 to come up with solutions to these challenges. Lee had just exited his previous human resources-tech startup Human Interest, which helped employers manage their company’s 401K plans, and by far the biggest frustration he had while growing the company was figuring out employee compensation.
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“We were using what felt like a thousand spreadsheets to track and decide everything from salaries, to raises, to equity, to our pay ranges and offers,” Lee said. “It was impossible from all these siloed spreadsheets to actually get a 360-degree view of compensation and ensure that we were paying our employees fairly and competitively.”
The two former college roommates built a cloud-based compensation dashboard that lets employers see all of their salary data in one place, eliminating the need for clunky “55-column spreadsheets” and haphazard communication between different departments. Employers can also easily toggle to view employee compensation data by gender and race, along with the dates of each last employee’s raise to increase transparency around pay equity.
“The companies we work with are trying to do the right thing, but they lack the visibility to know if they are,” said Lee. “We provide the visibility and then the comfort later that when they make these raise decisions they know they are equitable.”
Comprehensive has already secured high profile clients like fintech startups Mercury and Titan, which attracted the attention of the venture team at Inspired Capital.
Inspired ended up leading Comprehensive’s $6 million seed round. Floodgate, SV Angel, and high profile angels like executives at Rippling and Wealthfront also participated in the round.
The company hopes to use the new funding to attract more clients and build out even more features for employers.
Here’s an exclusive look at the 10-slide pitch deck Comprehensive used to raise $6 million from Inspired Capital, Floodgate, SV Angel, and several angel investors: