European Salary Benchmarking app Figures has secured an additional £5.75M to invest in the consolidation of their European leadership. Following the acquisition of Payspective earlier this year, they intend to continue pan-European expansion, with a goal of acquiring 1,000 new clients by the end of 2022.
Point Nine led the round, which also included existing investors Seedcamp, Bpifrance, and Kima Ventures, as well as new participants Acadian and Entrée. Seedcamp led Figures’ previous funding round in 2021, raising €1.7M.
Fund usage
Following the acquisition of Payspective in June 2022, which facilitated Figures‘ move to the UK, the brand has its presence in many other countries, including France and Germany, allowing them to create the most accurate salary benchmarking system currently in use. The new funding will make it easier to expand into Iberia, the Netherlands, and the Nordic countries.
Created by Virgile Raingeard and Bastien Formery, Figures was created to bring transparency to the previously murky waters of remuneration with the goal of bringing fairness to employees, helping to highlight gender pay issues, and allowing businesses to better manage their remuneration budgets.
Virgile spent his first 11 years in HR in a variety of industries, including three years as HR Director for the Tech functions (FR/US) at Criteo. Frustrated by the lack of qualitative and reliable data on the compensation market in the start-up/scale-up ecosystem, he decided to address the issue by collaborating with Bastien (CTO) to develop a product based on his vision.
Tech at play
Figures intends to broaden its remit with the new investment to fund technology development, with services such as budget forecasting, real-time market tracking, and bolstering advanced benchmarking services, covering shares and benefits. The brand also intends to invest in the development of tools that will assist businesses in defining and sharing their compensation policies, as well as preparing and conducting compensation reviews.
The Figures system was designed to integrate with major HRIS software such as Personio, BambooHR, and HiBob, providing businesses with access to 50k+ reliable and real-time compensation benchmark data from 700 European startups across a wide range of 100+ job types, locations, and stages of growth. This data set enables businesses to be proactive in their talent acquisition and retention efforts.
Figures CEO, Virgile Raingeard, comments: “I created Figures in October 2020 to provide company leaders with reliable compensation data and an overarching product that I would have loved to have during my 11 years of career in HR.
‘Two years later, the overall environment makes it even more urgent for companies to take action between raging inflation, the push for more transparency in pay, and the strong desire for fairness and equality, especially from the younger generation. That’s why it makes Figures even more relevant than ever.
‘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.
‘That’s why we’re incredibly proud and excited to partner with three incredible VC funds to take things to another level, starting with what is probably the top B2B SaaS expert in Europe, Point Nine.”
Louis Coppey, Partner at Point Nine comments: “At Point Nine, we’ve invested in multiple HR tech software over the past 10 years such as 15five in 2013, Factorial in 2018 or Pento in 2019. No matter the funding and the talent market environment, we believe compensation management is a category in HRtech that’s ripe for disruption and Figures has a headstart in the European market. We’ve been most impressed by Virgile and his team’s deep expertise in the topic and very much look forward to partnering with them as they disrupt the incumbents with a data-centric, software-first approach.”
Point Nine is a venture capital firm specialising in B2B SaaS and online marketplaces. Since its inception in 2011, the company has invested in over 140 startups in over 30 countries. Point Nine was among the first seed investors in companies such as Algolia, Brainly, Chainalysis, Clio, Contentful, Delivery Hero, DocPlanner, Factorial, Front, Loom, Mambu, NexHealth, Revolut, Tier, Typeform, and Westwing, and it has one of the industry’s highest “seed-to-winner” rates.
