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EquityTech Leader Syndio Announces $17.1M Series B, Led by Bessemer Venture Partners

SEATTLE, Jan. 7, 2021 /PRNewswire/ -- Syndio, the leading EquityTech analytics platform,A today announced it has raised $17.1 million in Series B funding. Bessemer Venture Partners led the round, with additional investment from Next Play Capital and Concrete Rose Capital. This builds on Syndio's momentum following a Series A round of $7.5 million in May, co-led by Emerson Collective and Voyager Capital, who also participated in this round. Unprecedented demand for Syndio's platform drove the timeline as pay equity; increased representation of women and minorities in senior leadership; and workplace fairness have become table stakes for the enterprise. Syndio adds Byron Deeter and Talia Goldberg from Bessemer to the board.Syndio's flagship product, PayEQ, is used by over 100 companies to analyze and resolve pay disparities based on gender, race, or ethnicity across 2.3 million employees. Current customers include Adobe, Hyatt, Nordstrom, Salesforce, Slack, and StitchFix. Syndio will use the new funding to drive rapid product development across opportunity equity, benchmarking, and workforce analytics. In addition, Syndio will continue to build more seamless solutions for starting pay and ongoing compensation adjustments with fairness and equity baked in at every stage of decision making."Workplace fairness is no longer simply 'nice to have.' Legal requirements are expanding state-by-state and globally, but perhaps more importantly, equity and transparency are becoming necessary ingredients for workplaces to attract and retain the best talent," said Byron Deeter, partner at Bessemer Venture Partners. "Syndio's products apply rigorous analysis, proprietary data, and a SaaS-based approach to problems that, until now, were obscured and unsolvable. The opportunities to drive change in workplace equity are unbounded. We have total confidence in Syndio's team to deliver comprehensive, industry-leading solutions based on their impressive track record, their customer-first mindset, and the deep expertise they bring to the space."Syndio's annual recurring revenue nearly tripled during 2020 despite the pandemic, and positioned Syndio as both the solution and thought leader in the market. As achieving fairness in the workplace has taken on new urgency, the company is also engaging in research around fairness at work and released research around the impact of Covid on women in the workplace and a white paper on race and pay equity.
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