Pay Equity Startup Raises $17.1 Million in Round Led by Bessemer

Most subscription software companies aren’t at the white-hot center of social justice movements, but one that is—Syndio—has seen a surge in corporate customers, including Coinbase. Syndio’s product identifies employee pay disparities based on gender, race and ethnicity.

Now Syndio is taking advantage of the growth in its business over the past year by raising $17.1 million of funding in a new round led by Bessemer Venture Partners, with participation from Next Play Capital and Concrete Rose Capital. The funding, which hasn’t been previously reported, follows a $7.5 million Series A round that Syndio announced in May. In an interview, Maria Colacurcio, CEO of Syndio, said the company saw its annual recurring revenue—a key measure for subscription software businesses—triple in 2020 from the prior year, despite the broad economic turmoil caused by the pandemic.