New funding led by Ten Coves Capital will advance BetterComp’s mission to modernize compensation management for enterprises worldwide

WALNUT CREEK, Calif.–(BUSINESS WIRE)–BetterComp, a leading provider of compensation management software, today announced its $33M Series A funding round, led by Ten Coves Capital. The investment will fuel BetterComp’s continued growth and innovation, enhance its AI-powered market pricing and pay recommendation capabilities, expand into new product adjacencies, and scale operations to better serve a rapidly growing global customer base.

Employee compensation is the single largest expense for most businesses, yet compensation teams in large organizations often rely on point solutions and legacy, disjointed platforms developed decades ago. BetterComp disrupts this status quo by providing a modern, user-friendly platform supported by a dedicated team of domain experts. Its cutting-edge 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.

BetterComp was founded in 2019 by Alan Miegel, Sandra Leon, and Derek Watson. With more than 40 years of combined experience in the compensation industry, the co-founders launched BetterComp to provide an agile and adaptable platform capable of scaling market pricing processes.

“We spent years watching HR departments benefit from consistent advancements in technology that made their roles more seamless and agile,” said Alan Miegel, co-founder and CEO of BetterComp. “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.”

To be effective business partners, compensation and HR teams must maximize the value of their data, adapt to rapidly changing markets, and optimize workflows to ensure accuracy and consistency. BetterComp’s platform enables this by automating daily tasks, supporting the creation of widely applicable custom formulas, and promoting a policy-based approach to data consumption and communications. Behind the scenes, it normalizes datasets and presents them in a clear, digestible format – freeing compensation professionals to focus on delivering informed, strategic pay decisions.

“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,” said Steve Lula, Partner at Ten Coves Capital. “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.”

The funding comes on the heels of continued momentum for BetterComp throughout 2025, after achieving 100% YOY growth in each of the previous two years. Today, 38% of BetterComp’s customers are Fortune 500 companies, and the company’s headcount has grown 33% so far this year.

To learn more about BetterComp, visit bettercomp.com.

About BetterComp

BetterComp was founded by comp experts for comp experts to help businesses move faster, stay consistent, and make better-informed decisions. Prioritizing data agility and ease-of-use, BetterComp’s software was developed to make the most out of market data and to ensure that the technology grows with their customers. To learn more about how BetterComp is modernizing and streamlining compensation practices, please visit bettercomp.com.

About Ten Coves Capital

Ten Coves Capital backs high growth B2B software companies across the financial technology ecosystem where its capital, network, and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits (among other segments), the Ten Coves team has helped scale over 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.

Contacts

BetterComp Media Contact
Ross Stevens
Caliber Corporate Advisers for BetterComp
bettercomp@calibercorporate.com

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