BetterComp, a provider of compensation management software, has secured $33 million in Series A funding, led by Ten Coves Capital. This investment aims to accelerate BetterComp’s growth and innovation, enhance its AI-powered market pricing and pay recommendation capabilities, expand into new product areas, and scale global operations to serve a growing customer base.
Founded in 2019 by Alan Miegel, Sandra Leon, and Derek Watson, BetterComp addresses challenges faced by large organizations that often rely on fragmented, legacy systems for compensation management. The co-founders brought over 40 years of combined industry experience to develop a modern, user-friendly platform designed to be agile and adaptable for scaling market pricing processes. The company states its technology delivers significant time savings and AI-driven insights, enabling compensation professionals to make faster, more accurate pay decisions aligned with evolving talent strategies and regulatory requirements.
Alan Miegel, co-founder and CEO of BetterComp, commented, “We spent years watching HR departments benefit from consistent advancements in technology that made their roles more seamless and agile. When we founded BetterComp, our goal was to bring similar innovation to compensation departments, which have historically lacked this kind of progress. After bootstrapping the business since inception, this fresh capital validates our vision and is a testament to our team’s dedication to better serving clients and expanding into new markets.”
BetterComp’s platform supports compensation and HR teams by automating daily tasks, facilitating the creation of custom formulas, and promoting a policy-based approach to data consumption and communications. It normalizes datasets and presents them in a digestible format, allowing professionals to focus on strategic pay decisions.
Steve Lula, Partner at Ten Coves Capital, stated, “We are thrilled to be part of BetterComp’s journey to modernize and automate compensation management – an area that has long been overlooked by tech innovation. We see tremendous value in what BetterComp is building and believe this team has the domain knowledge and network to create a market-leading company in the compensation industry.”
This funding follows a period of growth for BetterComp, including 100% year-over-year growth in each of the two years prior to 2025. Currently, 38% of BetterComp’s customers are Fortune 500 companies, and the company’s headcount has increased by 33% so far this year.
