European salary benchmarking application Figures has raised £5.75 million ($6.63 million U.S.) from a seed funding round.
Figures helps companies design and run their compensation policy. It was developed to bring transparency to remuneration policies and to provide employers with the functionality to run fair remuneration policies for employees, to help highlight gender pay issues and to allow companies to effectively manage their remuneration budgets.
Its platform allows companies to benchmark market salaries against over 100 separate roles across Europe. The company was founded in France, experienced strong growth in Germany and is now aiming for further European expansion. It will use the funds to expand into the Netherlands, Scandinavia and Iberia.
Following a previous funding round in September 2021 of $1.7 million, led by Seedcamp, Figures acquired U.K. business Payspective earlier this year, which offers similar services and gave Figures an entry point into the U.K. market. The company has set a target of acquiring 1,000 new clients by the end of 2022.
The new funds will also be used for technical development and to broaden the services it provides, into budget forecasting, real-time market tracking and to bolster its advanced benchmarking services, covering shares and benefits. It will also invest in developing tools to help companies define and share their compensation policy and to prepare and run compensation reviews.
“I created Figures in October 2020 to provide company leaders with reliable compensation data and an overarching product I would have loved to have during my career in HR,” said Figures CEO, Virgile Raingeard.
“We’re helping over 700 companies make fair and efficient compensation decisions, up from less than 200 to start the year. Our growth has been unexpected and exceptional, partly due to our acquisition of Payspective back in May 2022.
This latest round has been led by seed-stage venture capitalists Point Nine and includes existing investors Seedcamp, Bpifrance and Kima Ventures and new participants Acadian and Entrée.