Impellent Ventures also Invests in Round and Slack Joins as Strategic Investors
It’s an exciting day for our team -- not only because we’re infusing capital into our mission to transform the way businesses manage their perks programs, but because we are adding forward-thinking investors who bring a diverse set of experiences and perspectives to our braintrust. Today, Compt announced that we closed $1.5M in seed financing, led by Harlem Capital Partners with Slack and Impellent Ventures completing the round. This funding will help us reach more businesses, and ultimately, more employees, to ensure they’re happier and more engaged at work and supported in their lives.
"At Harlem Capital, it is our mission to back diverse founders who are bringing game-changing innovations to market," says Henri Pierre-Jacques, Managing Partner of Harlem Capital. "We are excited about investing in Compt because their approach to supporting all employees through personalized perks is transformational. We looked at many companies in this space, but found that the Compt platform was completely unique. That they are such a diverse team each bringing their own perspectives to the product and solution is a direct correlation with why their platform is so different."
As we all navigate a new reality that we have been handed over the last month -- from the short-term implications on how and where we work, to the unknown long-term implications on our health and safety, and the economy, one thing remains true: it’s the individual employees on your team that push your company forward in these difficult times.
We feel it is more important than ever that employees feel uniquely rewarded for their loyalty, their effort, and their endurance, in good times and in bad. Perks are a critical component of a total benefits package and we feel empowered that these strategic investors agree with us: the old way that businesses have approached one-size-fits-all perks just isn’t cutting it anymore.
Think about it, employees typically have access to a handful of perks picked by their company that may or may not be useful in their life, and yet businesses are investing significant capital into these offerings without knowing what their employees truly want or what would be impactful to them. That’s because perks have always been point solutions (free yoga, dry cleaning, dog walking) or a vendor marketplace with limited offerings.
I started this business because as a former three-time CFO, I continued to see that our benefits spoke to only a certain percentage of our team. For years, we’ve heard experts talk about “the future of work” and the benefits and challenges of remote teams. Whether we like it or not, our entire economy was forced to transition to remote in a matter of weeks. When your employees can’t access your company’s perks because your whole team is remote, that’s when you know it’s broken, and you need a different kind of support.
In a Business Insider piece that went live this morning regarding our raise, I shared "The best kind of perk is one that employees actually use. Flexible benefit plans allow workers to choose what's best for them, and the employer avoids wasting money on perks that just a few people will ultimately use. That cuts costs, which may help some employers avoid letting some staffers go, especially as hiring slows and unemployment ticks up."
We believe Compt is the way of the future. Perks should be personalized and they should meet you where you are -- wherever you work, wherever you live.
“We are beyond excited to be part of the new round for Compt,” says David Brown, Managing Director of Impellent Ventures. “Although funding is slowing down slightly as of recent, great entrepreneurs and great companies will thrive and create meaning in this changing environment, which is why Compt was able to put together this round with ease. In particular, as the way we do work changes, perk management and HR software companies will play a crucial role in helping companies and employees adjust to new realities, with Compt being a leader on this front.”
We’re thankful for our new investors and incredibly grateful to our early customers that have helped us improve our offering and validate the need for improved perk management in business. We can’t wait to see what’s next.
If you’re new to Compt and the future of perk management, this is a great opportunity to learn more. We're the only perk allowance software that:
- Works seamlessly for all of your employees - regardless of whether they are at HQ, fully remote, or working in another country.
- Doesn't limit your team to vendors so that employees can choose exactly what they want when they want it
- Has no per-user fee and simple fixed price plans
- Ensures 100 percent IRS compliance without any extra effort from you
- Offers effortless payroll and finance reporting and clear metrics for success.
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