Trove, a San Francisco-based startup founded in 2019 provides a set of real-time total compensation tools. It announced today that it raised US$ 16 million in Series A funding led by Andreessen Horowitz and unveiled its rebrand to Pave. a16z Cultural Leadership Fund, Bessemer Venture Partners, Bezos Expeditions, Dash Fund, and Y Combinator participated in the oversubscribed round. It also stated that Kristina Shen, General Partner, a16z, will join Pave’s board of directors, and Marc Andreessen will be a board observer.
What Pave has to say
Matt Schulman, CEO of Pave said, “It’s time to put cumbersome processes to the side and enter a new era of compensation practices rooted in transparency and fairness for all parties involved. We’re excited to bring this reality to life by expanding companies’ access to real-time benchmarking tools and insights.”
What Andreessen Horowitz (a16z) has to say
Kristina Shen, General Partner at a16z said, “Legacy methods of manually gathering compensation data are incredibly tedious and often result in out-dated, irrelevant figures. Pave is transforming how companies visualize this data while empowering employees to decipher the ins and outs of their equity compensation.”
“We believe that Pave has the opportunity to own the world of compensation, employee rewards, and beyond, and we couldn’t be more thrilled to partner with Matt and the team at Pave,“ he also added.
About Pave
The startup provides a set of tools to plan and communicate total compensation, eliminating confusion around the property, and helping employees dream big about their future. The Pave suite integrates with dozens of applicant process, HR, and compensation planning tools, including Greenhouse, TriNet, BambooHR, Namely, Carta, Lever, ADP, Workday, Jobvite, Shareworks, Rippling, Justworks, Paylocity, Sapling, UltiPro, and E-Trade. Pave is headquartered in San Francisco. It was founded in 2019 by Matt Schulman.
About Andreessen Horowitz (a16z)
Andreessen Horowitz is a venture capital firm founded in June 2009 by Ben Horowitz, Marc Andreessen with $2.7 billion under management, investing from seed to growth. In seed, start-ups, early, mid-stage, growth, and late stage. It favours investing in the social media business and technology sector with a centre on software, back-end infrastructure, the infrastructure of the Internet, cloud computing, enterprise software and services, consumer, business Internet, mobile-internet, consumer Internet, cloud computing, data storage, social network browsers data-storage, consumer electronics, networking functions, software-related biology, biotech, and medicine companies at the intersection of computer science and life sciences with a focus on digital therapeutics, cloud technology in biology, and computational medicine.
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[…] Trove raises $16 Million Series A round and unveils rebranding to Pave […]