Why 1616 Ventures Invested in Comp
At 1616 Ventures, we are passionate about supporting founders who are making a real difference in their industries with innovative startups that can transform the way businesses operate. We found such a startup in COMP, a cutting-edge compensation data platform set to change how Brazilian companies manage compensation and HR planning. We are excited to back this amazing team and be part of their mission to revolutionize compensation management and strategic HR planning in Brazil.
What drew us to COMP at first was its outlier founding team. College pals Pedro Bobrow and Christophe Gerlach first met at Cornell University where they built their first startup together. They complement each other especially well, with Pedro bringing a Product background honed at Lyft and Buser, while Christophe brings finance and strategy know-how as well as HR-tech expertise, which he gained while working on the investment team at General Atlantic, where he focused specifically on the future of work. Their friendship has laid the groundwork for a great company culture, and with the early addition of talented engineers Marcelo Tokarnia and Leonardo Hahn, Comp was able to hit the ground running.
Compensation management in Brazil is terribly old-fashioned. Companies depend on benchmarking reports conducted by consulting firms who take at least six months to collect and publish the compensation data. By then, much of the data is already outdated. With market salaries constantly changing, especially for new-economy tech and related roles, Brazilian companies suffer to attract and retain talent because they do not know what to offer or pay these employees. COMP enables a more liquid market, leading to better outcomes for companies, who will more easily hire and retain the right people, and for employees, who will receive the most competitive salaries possible.
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COMP's platform delivers real-time compensation data, a holistic view of an organization's compensation strategy, and tools that support strategic decision-making and plan execution. Whether a company is a new tech startup or has been around for decades, navigating compensation and hiring and maintaining employees is a core part of any business. COMP builds a strategic moat getting into companies with its freemium product (a true painkiller) and will monetize on cross-selling and up-selling to the customers with whom they have built trust. Thanks to their "give to get" model, COMP has collected valuable data from and built strong relationships with hundreds of Brazilian companies, including industry leaders such as iFood, Creditas, Wildlife Studios, and Raízen. They will soon offer premium HR SaaS modules to help organizations streamline HR processes and make data-driven decisions. This innovative approach will help them become a market leader in the compensation and payroll management space, easily a multi-billion-dollar market in Brazil.
The combination of COMP's strong founding team, massive market opportunity, and innovative value proposition makes us confident in its potential to disrupt and dominate the compensation data market in Brazil, helping companies more effectively attract and retain talent and helping employees benefit from better offers. We are excited to support their vision and be part of their growth story as they revolutionize the way companies approach compensation management in Brazil.