Last week, you might have seen that we closed on our Seed Round led by Harlem Capital along with Impellent Ventures and Slack. This brings our total funding to date to $2.5M.
It’s a big moment for us, our brilliant customers, and people-first organizations everywhere.
And the timing for this round couldn’t be any better, as right now, we’re experiencing one of the most significant shifts of our time in how we work.
When we started Compt in 2018, our mission was to address two key problems, the outdated one-size-fits-all perks which are underwhelming for employees despite them being a significant form compensation strategy today, and the overwhelming administrative burden that HR professionals face when managing perk programs.
Over the years, our approach has remained the same, by developing software to help companies create, manage, and scale their employee perk systems through a unique no-vendor perk stipend. Companies can avoid the traditional one-size-fits-all perks like on-site gym facilities, dry cleaning, catered lunches, and other point solutions (which just aren’t cutting it anymore) by putting the perk funds directly into their employees' hands through a stipend. Perk stipends enable employers to know that their investment is supporting their people to get what they need, which has a genuine impact on the lives of your people.
Fast forward to today, as we all try to navigate a new reality we’ve been given -- the situation has changed dramatically, but our mission stays the same. In times like these, one thing remains true: it’s the individual employees on your team that push your company forward in these difficult times.
Since we started, we’ve gained a lot of truly awe-inspiring traction. With our Compt administrator customer NPS being 80, we know that our administrators are finding immense value in what they’re able to achieve with Compt. And their people are gaining a lot of value too, with ~80% of employees across the board engaging on a monthly basis. We’ve also brought on many incredible customers including Webflow, Nextdoor, Best Place to Work, and Employee Benefits Solutions Brokers (EBS).
While we’re proud of those numbers, what we’re most proud of is the deepened connection employers are gaining with their team. The stories people have told us of what they’ve been able to accomplish with their company’s generous funds are inspiring. In just the health and wellness spending category alone, we've seen someone buy a half-marathon race ticket to run their first-ever half marathon. Someone else purchased fencing lessons. Another person bought hiking boots because he and his wife love to hike together, and thousands of other personalized purchases just like these that help people meet their goal of becoming and staying healthy.
We have heard numerous stories about how people have been using Compt for entirely different perks because of COVID-19. At one company, an employee had their hot water heater bust and their amazing company allowed them to use their family stipend for additional support in a really stressful (and expensive) situation. We have heard about employees using their various stipends to purchase gift cards to restaurants and acupuncture to ensure providers in their local communities are supported. We have also heard about people purchasing food gift cards to share with people around them in need. That people are able to be supported by their company and support the community simultaneously is truly moving.
With 14 different categories available, companies can create stipends that align with their unique culture while still allowing for each person on their team to be supported. The stories and impact are countless and inspiring.
With this raise, we plan to double-down on our mission and reach more businesses, and ultimately, more employees, to ensure they’re happier and more engaged at work and supported in their lives.
If you’re interested in learning more about our raise check out our announcement post. Or if you’d like to learn more about how you can achieve your people-goals with Compt, book a time to connect with a sales team member.
Thank you to our new investors, our early customers, and everyone who has supported us along the way. We can’t wait to see what’s next.
Amy, and the Compt team
PS We’re hiring! If you’re an engineer, acquisition marketer, or in CX and who believes Compt is the future, please reach out!
This post was originally published on LinkedIn.