Figure, a total compensation platform based in California, announced that it raised USD 17.5 Million in a seed funding round led by CRV on 06 May 2021. The other participants in this round were Bling Capital, Garage capital, and Better Tomorrow Ventures.
Some of the angel investors who also participated in this funding round were Naval Ravikant, the founder of AngelList, Steve Huffman Ceo Reddit, and Jason Calacanis.
The company’s primary focus is to improve transparency and workflow on equity for companies between employees.
About the company:
Figure is a private compensation platform founded by Geoffrey Tisserand and Miles Hobby in 2020. The company aids other firms to figure out how to pay employees by decision driven by data. The company helps its clients to manage their data, set payments structures, create a footprint among other competitors in the market, and be transparent with their employees and candidates.
“I’ve gone through the job search process many times before, and there are all these complex legal documents to understand why you’re getting 10,000 stock options, but obviously, we knew the vast majority of people have no idea how that works. we saw an opportunity there to help companies actually convey the value to their candidates while also making them aware of the potential risks of owning something that’s so liquid.” – Tisserand
The company’s one of the goals is to give a user-friendly explanation about what one’s equity share means. Their other goal is to create more unbiased and balanced decisions around equity and pay, so there can be less inequality.
“We saw a void in this kind of context around equity…and knew that there had to be a better way for companies to structure, manage and explain their compensation plans,”-Hobby
Investor :
“I’d been investing in software for eight years and was alarmed that no one was building anything around pay equity when it comes to how we’re paid, why we’re paid what we’re paid and how to build equity long term,” Khan told TechCrunch. “Unfortunately, discussions around compensation and equity still happen behind closed doors, and this extends into workflow around compensation — equally broken — with manual levelling, old data and large pay inequities.” – Anna Khan, General Partner of Enterprise Software at CRV.
Words from Founders –
“Compensation should be based on the work that you’re doing, and not gender or ethnic background. We’re trying to give that context and remove biases. So, we’re trying to help at two different stages –– to surface inequities that already exist and make sure there are no anomalies, and then to help stop them before they can exist.” – Geoffrey Tisserand, Co-founder, Figure.
“Our goal is for Figure to become an operating system for compensation, where a company can encode their compensation philosophy into our system. We help them determine their job architecture, compensation bands and offer numbers while monitoring their compensation health to provide adjustment suggestions when needed,” – Hobby, Co-founder, Figure.
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