BOSTON–(BUSINESS WIRE)–Account, an employee benefits software company optimized for today’s more flexible workplace, today announced a $13 million Series A investment led by Battery Ventures. The funding comes after a year of rapid growth, nearly 500% ARR, and follows a prior seed funding round from collaboration software company Slack Fund and Harlem Capital Partners. Battery’s new funding will help Compt reach and support more global companies that demand an inclusive approach to employee benefits and benefits for their teams.
Compt’s vendor-neutral allowances software is designed with customization in mind, allowing teams to assign fixed allowances in broad categories such as ‘health and wellness’ or ‘family’. Employees then choose the services in the categories that interest them. To get reimbursed, they just need to upload photos of receipts via Compt’s app or its direct integration into Slack. Overall, Compt enables benefit allocations in twenty categories and averages 91% employee engagement and 97% account activation across companies using its software.
As the future of work sees a massive push towards hybrid and remote working, HR teams are definitely changing in how they deliver corporate benefits. These extras traditionally included basics like health care and retirement benefits, then expanded to include office perks like free team lunches and group fitness classes. Today, as the concept of the “office” has evolved, many companies offer a wider range of more flexible benefits that can be customized for each employee and accessible off-sitesays Amy Spurling, CEO of Compt, who founded the company in 2018.
“Before starting Compt, the most common complaint I had from employees was that the shiny new benefit we were offering was not up to par. ‘I don’t want this. Why do I can’t have anything else?” recalls Spurling. As COO twice and CFO three times, she saw the same problem come up again and again. “I realized that the employees were right – it felt part of their compensation and they should be able to choose what meets their unique needs.
Compt is designed with the HR administrator in mind. The software is intentionally integrated with human resource information systems and payroll software in the background. And, unlike its competitors, Compt places tax compliance more upstream and central to global businesses, easing the administrative burden on HR and finance teams. Currently, it’s the only benefits software that offers truly inclusive benefits for all employee needs while being 100% tax compliant.
“Compt has created a flexible and truly innovative benefits software for today’s workforce, providing a service that enables companies to communicate their shared values with employees,” said Neeraj Agrawal, a general partner of Battery Ventures who joined Compt’s board of directors as part of the new investment. . “Its ease of use is also a huge selling point for HR administrators, who have been on the front lines of the dramatic workplace changes we’ve seen in recent years, driven by Covid-19 and the other factors, and struggling to adapt existing programs.We are extremely excited to support Compt and help the business grow.
Compt also plays a key role in globalization, supporting businesses in 60 countries and integrating with the essential tools they already use like ADP, UKG, BambooHR, Sapling, Slack, Google, and more. Providing teams with an employee benefits allocation to create a personalized and flexible experience has driven engagement within Compt’s vast customer base. Compt himself makes a concerted effort to build a diverse and inclusive team. Compt employees are 67% people of color, 50% women and 8% LGBTQ+.
“You can do so much with Compt. Our employees are contacting us to tell us how thrilled they are to receive this allowance and how it really helps them feel seen and appreciated,” said Compt client Lucy Lemons, Human Resources Director of ButterflyMX. Lemons joins a diverse portfolio of customers like Webflow and Nextdoor who trust Compt to deliver more benefits with less money, support their remote teams, and keep everyone happy and healthy.
Compt is the first employee benefits platform that gives people the freedom to choose the lifestyle benefits they really want. Founded by five-time CFO and COO, Compt’s employee benefits and rewards software is fully customizable to business needs, IRS compliant, and can support global teams . Compt is proud to be named the #1 HR Tech Platform by SHRM’s Better Workplaces Challenge and one of Built In Boston’s 2022 Best Small Companies to Work For. Compt is based in Boston, MA. For more information, please visit https://www.compt.io/.