London-based Ravio, which provides real-time compensation data and analytics to fast-growing tech startups, has emerged from stealth and raised $10 million in funding. The seed round was led by Northzone with participation from Cherry Ventures and Spark Capital. The funding will enable the company to onboard customers from across Europe, with an initial focus on the U.K. and Germany.
Attracting and retaining talent is the number one challenge for fast-growing tech companies. But it has never been more difficult. The rise of remote work, fast-moving markets and the so-called great resignation have seen the war for tech talent go global. In this context, getting the right compensation, including salary, equity and benefits, is critical to staying competitive. Yet, most companies don’t have up-to-date information on what the market is offering in compensation, or if they are paying their teams fairly.
Founded by Roy Blanga, Merten Wulfert and Raymond Siems, Ravio is enabling tech companies to calibrate winning compensation packages for their teams, through a platform that provides access to real-time market benchmarks and compensation analytics.
The startup’s core benchmarking product is free and operates on a sharing principle. Companies can anonymously and securely contribute their data, and in exchange access market benchmarks and use filters to compare themselves to similar companies. Its wider suite of products allows companies to manage and communicate their compensation internally, from running performance review cycles to educating candidates on equity packages and vesting.
Companies can connect their HR systems with one-click integrations, pulling together salary, equity and benefits information from multiple systems, and start tracking market changes in real-time.
Roy Blanga, co-CEO, Ravio said: “Getting compensation right from day one is crucial and it only gets harder the larger you become. When we were growing, we couldn’t find any reliable or real-time data to help us determine the right compensation for each person on our team. We lost great people and missed out on key hires as a result. We’re surprised that no one has built a better solution to this problem yet.”
Merten Wulfert, co-CEO, Ravio added: “There’s clear research showing that diverse teams are more innovative and successful, and yet too many companies are still struggling to get this right. Our goal is to empower companies to build better teams and ensure everyone is paid fairly, no matter who they are,”.
Michiel Kotting, partner, Northzone concluded: “We see a huge market shift happening which is going to leave behind companies who don’t modernise their approach around compensation. Winning companies will be transparent with compensation in the context of rising prices (inflation, cost of living, logistic costs) and a tighter talent market, especially in tech.”
Ravio is working with unicorns Deliveroo, Truelayer, Flink, Zego and a host of high-growth European startups, including Healx, Zoomo and Plum Guide.