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§ Private Profile · San Francisco, CA, USA
OpenComp is a technology company.
OpenComp provides a compensation management software solution, enabling high-growth companies to make informed pay decisions. Its platform streamlines salary range management, market benchmarking, and merit cycle execution. Automating manual, spreadsheet-based processes, the technology ensures efficiency and accuracy in planning and administration.
Co-founded in 2021 by Thanh Nguyen and Nancy Connery, both from Salesforce's early HR team, OpenComp originated from a clear insight. They recognized the inefficiencies of traditional compensation practices, particularly the arduous manual efforts for data mapping and survey submissions. This spurred them to develop a technology-first approach for modernizing compensation.
OpenComp primarily serves high-growth companies aiming for equitable and competitive compensation. The platform grants these organizations transparency and control over strategies, fostering fair pay for their workforce. OpenComp's vision is to transform compensation management, driving a data-driven, automated future where systematic fair pay is achieved.
OpenComp has raised $25.0M across 2 funding rounds.
OpenComp has raised $25.0M in total across 2 funding rounds.
OpenComp has raised $25.0M in total across 2 funding rounds.
OpenComp's investors include J.P. Morgan, K5 Global, 8VC, Circle Ventures, Mantis VC, Todd McIntyre, Marc Benioff, Evan Williams, Heavybit, ICONIQ Capital, Monochrome Capital, Obvious Ventures.
OpenComp has raised $25.0M across 2 funding rounds. Most recently, it raised $20.0M Series A in February 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 24, 2022 | $20M Series A | J.P. Morgan, K5 Global | 8VC, Circle Ventures, Mantis VC, Todd Mcintyre, Marc Benioff | Announced |
| Mar 1, 2021 | $5M Seed | Evan Williams, Marc Benioff | Heavybit, ICONIQ Capital, Monochrome Capital, Obvious Ventures, Three Bridges, Threshold Ventures, Adam Gross, Christian Bach, Edvard Engesæth, Mathias Biilmann Christensen | Announced |
OpenComp is a compensation management software company that provides an end-to-end platform for high-growth companies, startups, and enterprises to handle pay decisions with clarity and fairness[1][2][3][4]. It offers tools like global compensation data, benchmarking, salary ranges, merit cycles, pay equity analysis, total rewards statements, and headcount planning, serving HR professionals, people managers, CEOs, and CFOs in organizations up to 1,500 employees lacking deep comp expertise[1][4][6]. The platform integrates with HRIS systems like Gusto for real-time data matching and has raised $24.6M in funding, including a $20M Series A, with strong growth evidenced by over 3,000 users and recognition as a Great Place to Work[1][5].
Formerly FastComp, LLC and founded around 2020-2021, OpenComp is headquartered in San Francisco (with early mentions in Denver) and generates about $11.6M in revenue while emphasizing transparency to reduce pay inequities and boost retention[1][2][3].
OpenComp emerged from the need to automate tedious, spreadsheet-based compensation processes that kept HR teams reactive rather than strategic[3]. Founded in 2020 (per CB Insights) or 2021 (per ZoomInfo and company site), it was originally FastComp, LLC, based initially in Denver, Colorado, before shifting to San Francisco headquarters at 251 Post St[1][2]. Key leadership includes CEO and co-founder Thanh Nguyen, who has highlighted integrations like Gusto as game-changers for small and mid-sized firms[1].
The idea stemmed from founding beliefs that compensation shouldn't mean conflict: clarity pays through transparent data, the right pay builds trust and retention, and innovation in pay practices requires better tools[3]. Early traction included releasing a disruptive salary calculator for employee transparency on Equal Pay Day 2023 and building a crowd-sourced data model from HRIS integrations, enabling proactive pay strategies for engaged workforces[2][3][4].
OpenComp rides the wave of pay transparency mandates and DEI pressures, where 98% of workers expect salary ranges in postings but data access has been enterprise-only, fueling inequities and turnover[2]. Timing aligns with post-pandemic talent wars and remote work, where real-time, objective comp intelligence helps high-growth tech, fintech, ecommerce, and media firms compete—market forces like labor shortages and retention costs (51% higher at certified great workplaces) amplify demand[1][5][6].
It influences the HR tech ecosystem by democratizing data via HRIS integrations, enabling smaller players to match Big Tech pay strategies and shifting compensation from opaque spreadsheets to collaborative tools that build trust[3][4].
OpenComp is poised to expand as AI-driven HR tools evolve, potentially enhancing predictive benchmarking and global compliance amid rising transparency laws[4][6]. Trends like total rewards personalization and equity analytics will shape its growth, with integrations and data scale driving deeper ecosystem penetration—watch for larger enterprise pushes beyond 1,500-employee sweet spot[1][6]. Its influence could evolve from niche enabler to standard for fair pay, reinforcing the opening premise: in a trust-starved talent market, OpenComp turns compensation from conflict into a competitive edge[3].