Assemble, a California-based compensation management startup company, announced today it raised $5 million in seed funding. The business funding round was led by Susa Ventures, while Goldcrest Capital and several other angel investors also took part in the funding round.
A Comprehensive Compensation Management Platform
Investor and social media influencer Anthony Pompliano, former TripActions CPO Leslie Crowe, former Stripe Head of Corporate Finance Stacie Faggioli, and former Palantir CFO Colin Anderson are among the angel investors who participated in seed funding for Assemble.
The startup company has capitalized on the robust business growth it has experienced in less than 12 months. In the spring of 2021, Assemble took its compensation management platform live, which prompted dramatic growth in the months to come.
According to Assemble, the startup company saw its annual recurring revenue (ARR) rise at nearly 50% per month on a compound basis. On a quarter-to-quarter (QoQ) basis, Assembly’s ARR advanced 4x to reflect the soaring customer base that more than doubled. Similarly, the average contract value (ACV) for new customers almost tripled in the prior quarter.
"We've seen strong adoption by companies known for their operationally sophisticated People and Finance departments, who not only care about fair and equitable pay, but also want to decentralize decision-making and support sophisticated dynamic planning and forecasting," said Enrique Esclusa, co-founder of Assemble.
For DoorDash’s Chief People Officer Katy Shields, the Assemble platform is a comprehensive compensation management solution. Unlike other “fractured” tools, the Assemble platform can address the entire organization to assist management in delivering consistent and quick compensation decisions.
In addition to DoorDash, the startup company’s platform is also used by ServiceTitan, Sourcegraph, and Kandji. Assemble’s data showed that customers increased their spending on compensation “significantly” since adopting the platform.
“Assemble enables us to drive our rapid headcount growth, and has been integral in empowering us to grow Kandji's headcount by 5X in 2021,” added Kandji CEO Adam Pettit.
Among other things, Pettit mentions “crucial visibility and the ability to self-service” as reasons why his company is benefiting from the Assemble platform. This way, the business can save on time while it’s also able to “attract and retain top talent as we rapidly scale out business.”
The startup company was co-founded by Esclusa and Lisa Wallace in 2020 after these two spent time working together at Expanse startup. The goal was to help management and business owners make consistent and structural compensation decisions that will ultimately help them attract, motivate, and retain top talent.
Both Wallace and Esclusa said they grew frustrated with the slow compensation process that “resulted in painful processes and bad outcomes that disproportionately impacted women and minorities.”
"It was this frustration, at the personal and operational level, that led us to start Assemble," noted Esclusa.
Susa Ventures Partner’s Courtney Buie-Lipkin believes the startup company has a huge opportunity in front of itself as companies across the globe finally have a comprehensive compensation platform that eliminates inequitable pay.
Californian startup company Assemble secured $5 million in seed business funding, led by Susa Ventures, to continue growing at a rapid pace.