London-based fintech Ravio, which provides real-time insights into what different roles are paid, has raised $12m (£9m) in a Series A funding round.
Founded in 2022, Ravio works with the likes of Just Eat, Wise, Zoopla and Octopus Energy to provide compensation rates for various jobs to determine ideal salary offers.
According to the startup, there has been little innovation in how businesses determine compensation over the years.
“Market data hasn’t kept pace with today’s dynamic market,” said Merten Wulfert, co-founder and chief executive of Ravio.
“We’re bringing decades-old survey methodology into the modern age by plugging directly into our customers’ HR systems. This approach automates the data collection process and lets us continuously analyse market movements as they happen.”
Merten and fellow co-founder and chief people officer Vaso Parisinou conceived Ravio during their time at Deliveroo, where they worked as the managing director for APAC and the Middle East and global lead of special projects respectively.
“The idea for Ravio was born from running compensation reviews during the early days of building Deliveroo,” said Parisinou.
“We were scaling rapidly, and it was painful finding data from relevant companies. I was building bands across countries, ensuring my data reflected the current market, and trying to fill in gaps for remote markets. It was impossible.”
The investment was led by Spark Capital and included participation from Blackbird and Cherry Ventures.
Spark Capital previously backed Ravio in its £8m seed round in 2022.
“We’re excited to double down on our previous investment in Ravio by leading their Series A,” said Spark Capital’s Alex Finkelstein.
“Getting compensation right is challenging for companies of any size and industry. We believe Ravio is positioned to become the industry standard for real-time compensation data.”
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