To say big things are happening at Compt would be an understatement. Following a year of rapid growth, nearly 500% ARR, we’ve secured a $13 million Series A investment led by Battery Ventures. This round, plus prior financing including angel and seed rounds, with notable investors Harlem Capital Partners and the venture arm of collaboration software company Slack, brings us to a total of $16.5M raised.
Numbers aside, the success we’re seeing is a true testament to the incredible people we have on our team and a direct result of our drive to live our company mission and values:
We exist to create an environment of balance and belonging so that everyone can live their best lives.
We’ve been saying it all along, and we’ll say it again: it comes down to personalization.
“It” being a more inclusive, supportive, sustainable work environment. It’s no secret the future of work is trending with a shift of focus from company-centric to employee-centric. Employees are requiring companies to support their whole well-being, their whole lives. The once unheard shouts into the C-Suite void, “we aren’t work robots” are no longer being ignored. Rather, companies are recognizing what contributes to burnout and turnover, and they are actively working to address this, seeking ways to support their employees in a personalized way. This is where Compt is on the frontline for support.
According to Pew Research Center, prior to 2020, only 20% of employed adults were working from home. Now, 71% of companies are fully remote. The transition to telework has demanded new schedules, new technology, new ways of communicating, and a new approach to creating an inclusive, more flexible workplace for employees scattered geographically.
The new funding led by Battery will help us reach and support more global companies who demand an inclusive approach to employee perks and benefits for their teams. More specifically, these funds will be used to fuel our growth–particularly as we expand our go-to-market approach to support and continue the explosive growth the team saw in 2020 and 2021.
We take a vendor-agnostic approach to stipend software – from the start, Compt was built with personalization in mind. Teams can assign set stipends in broad categories like “health and wellness” or “family.” Employees then pick services in those categories that appeal to them. To get reimbursed, they simply upload photos of receipts via Compt’s application or its direct integration into Slack.
Overall, Compt enables perk stipends across twenty categories and sees an average of 91% employee engagement and 97% account activation in companies using our software.
Before starting Compt, the most common complaint I had from employees was that the shiny, new perk we offered wasn’t cutting it.
“I don’t want that,” they would say. “Why can’t I have something else?”
As a two-time COO and three-time CFO, I saw the same issue arise again and again. I realized the employees were right -– this was part of their compensation and they should be able to choose whatever fits their unique needs.
And so, we built Compt with not only the employee but also the HR administrator in mind.
The software is intentionally integrated with human resources information systems and payroll software on the backend. And, unlike our competitors, Compt makes tax compliance more up-front and center for global companies, easing the administrative burden for both HR and finance teams.
Compt is the only perks software that offers truly inclusive perks for all employee needs and is 100% IRS tax-compliant across all categories.
“Compt has built a truly innovative, flexible benefits software for today’s workforce, offering a service that allows companies to communicate their shared values with employees,” said Neeraj Agrawal, a Battery Ventures general partner who has joined Compt’s board as part of the new investment.
“Its ease-of-use is also a huge selling point for HR administrators, who have been on the front lines of the dramatic workplace evolution we’ve seen in the last few years, from Covid-19 and other factors, and are struggling to adapt existing programs,” Agrawal adds. “We’re extremely excited to back Compt and help the company scale.”
Compt is also playing a key role in globalization, supporting companies in 60 countries and integrating with the essential tools they already use like ADP, UKG, BambooHR, Sapling, Slack, Google, and more. Offering teams an employee perk stipend to create a personalized, flexible experience has boosted engagement across our widespread customer base.
Compt itself is making a concerted effort to build a diverse and inclusive team.
Compt employees are 67% people of color, 50% female, and 8% LGBTQ+.
“You can do so much with Compt. Our employees are actually reaching out to tell us how thrilled they are to have the stipend and that it really helps them feel seen and appreciated,” said Compt customer Lucy Lemons, Chief People Officer of ButterflyMX.
As we look to the future, we want to see a world where every employee is supported in a way that matters to them as individuals. After spending over 20 years working in companies where there were “haves” and “have nots” and seeing the resulting wage and opportunity gaps, I wanted to build not only an inclusive company where everyone could bring their all to work, but I wanted to create a platform to support such a concept.
Compt proves every day that when each person has their needs supported, we can achieve truly great things.