Compa Raises $3.9M to Revolutionize Job Offer Management

The Evolving Landscape of Talent Acquisition and Compensation

The current job market is highly competitive, and increasingly complex for companies seeking to attract top talent. Enterprise talent acquisition teams are encountering challenges related to technological deficiencies when evaluating potential hires.

This complexity often results in difficulties in establishing appropriate compensation levels. Compa addresses this issue with its offer management platform.

Introducing Compa: Streamlining Offer Management

Compa provides a “deal desk” software solution designed for recruiters. It facilitates the management of compensation strategies, enabling the creation and delivery of clear, unbiased job offers.

According to Charlie Franklin, co-founder and CEO of Compa, the impetus for developing the software stemmed from the frustration of losing candidates during the compensation negotiation phase.

Franklin explained to TechCrunch that recruiters frequently lack the necessary data and tools to accurately determine appropriate pay rates and effectively communicate them to candidates.

How Compa Works

Compa empowers recruiters to input candidate salary expectations and compare them against recent offers. The platform also fosters collaboration between team members and hiring managers to expedite the process of reaching a pay agreement.

The software automates real-time market intelligence, providing valuable insights into compensation trends across comparable industries and organizations.

Seed Funding and Key Investors

Based in California and Massachusetts, Compa officially launched on Thursday, announcing $3.9 million in seed funding. The investment round was spearheaded by Base10 Partners.

Additional participation came from Crosscut Ventures, Acadian Ventures, and a cohort of strategic angel investors, including 2.12 Angels, Tony Jamous (CEO of Oyster HR), and the co-founders of Scout RFP, Stan Garber and Alex Yakubovich.

Base10 Partners’ Perspective

Jamison Hill, a partner at Base10 Partners, shared via email that their firm’s research into the ESG “megatrend” led them to Compa, specifically while seeking startups focused on compensation management.

He highlighted the founders’ clear vision, their understanding of existing pay disparities, and the potential of Compa’s solution to foster more data-driven recruiting practices.

Hill emphasized that Compa enables employers to leverage compensation and a positive offer experience as a competitive differentiator. He added that the team’s deep understanding of enterprise HR is a key strength.

The Compa Team and Future Plans

Compa was founded last year by Charlie Franklin, formerly leading HR M&A at Workday, alongside Joe Malandruccolo, an engineering veteran from Facebook and Oculus, and Taylor Cone, an innovation consultant for organizations like Stanford University.

Prior to securing seed funding, the company was self-funded. The new capital will be used to expand the team and develop additional products aligned with Compa’s mission of ensuring fair and competitive compensation for all.

Franklin believes that job offers and compensation practices must evolve to keep pace with the rapidly changing world of work. With the rise of remote work and the increasing emphasis on diversity, compensation will play a crucial role in attracting talent.

“We are witnessing a long-term trend in HR – a move towards greater compensation transparency,” Franklin stated. “This represents a shift from secrecy to openness and accountability, and technology is now enabling this transition.”