Compensation analytics platform Ravio has emerged from stealth with a $10m (£8m) seed round led by Northzone.
The firm is currently hiring for 15 jobs and wants to strengthen its management team. To begin Ravio is onboarding customers from Europe, with an initial focus on the UK and Germany.
Ravio is an analytic platform that helps tech startups offer employee compensation packages that incentivise staff retention, a problem countless firms have been facing in recent years.
Its platform grants access to real-time market benchmarks and compensation analytics, which give companies a better understanding of how to retain top staff.
“We’ve experienced first-hand how hard it is to hire and retain great teams and scale internationally. Getting compensation right from day one is crucial and it only gets harder the larger you become,” said Roy Blanga, co-CEO of Ravio.
“When we were growing, we couldn’t find any reliable or real-time data to help us determine the right compensation for each person on our team.”
The London and Cambridge-based firm’s benchmarking product is free, companies can access the platform in exchange for contributing their own data anonymously. Its additional products let companies manage and communicate their compensation internally.
The company was co-founded by former Deliveroo managers Roy Blanga and Merten Wulfert, along with Raymond Siems.
Ravio is currently working with Deliveroo, Truelayer, Flink and Zego. It has enrolled compensation experts who have experience from Meta, Amazon, Delivery Hero, and Coca-Cola. It has also hired a data science team from Cambridge and Oxford.
“We see a huge market shift happening which is going to leave behind companies who don’t modernise their approach around compensation,” said Michiel Kotting, partner at Northzone.
“Winning companies will be transparent with compensation in the context of rising prices (inflation, cost of living, logistic costs) and a tighter talent market, especially in tech.”
Other participants in the seed funding round include Cherry Ventures and Spark Capital.