Compensation startup Pave has secured $100 million worth of funding led by Index Ventures. The Series C round now values Pave at $1.6 billion, which sees the company joining the prestigious unicorn club of private businesses with a $1 billion or more valuation.
Pave, which was founded in 2019, helps companies understand how much to pay employees. Its platform offers salary recommendations based on an employee’s location and comparative compensation data. Pave also offers the ability to track bonuses, raises, and equity handouts.
It’s a product suite that has attracted companies such as Discord, Shopify, and Affirm, among hundreds of others.
Pave operates on Pave.com but it started out with an entirely different domain name and brand. Until December 2020, the company was known as Trove, operating on the TryTrove.co domain name.
I previously interviewed Pave’s founder, Matt Schulman, for the MediaOptions Blog. Schulman described how the company tried to secure the Trove.com domain name, but it was too expensive for the company at a time when it had raised just $950,000 in funding. “We tried to get Trove.com but unfortunately couldn’t agree on a price with the owner of the domain,” he told me.
Trove ultimately rebranded to Pave, acquiring Pave.com for an undisclosed fee. According to DomainInvesting.com, the company acquired the domain from identity verification service Prove in a deal brokered by Grit Brokerage.
Around the time that Pave secured Pave.com, Prove had also undergone a rebrand, switching from Payfone to Prove and securing the Prove.com domain for $175,000. Again, the deal was brokered by Grit Brokerage.
Interestingly, since Trove rebranded to Pave, the Trove.com domain has changed hands. It was acquired by resale software platform Trove as an upgrade from Trove.co.
Pave secured Pave.com in October 2020, a couple of months before the company announced its rebrand and a $16 million Series A funding round. Since then, Pave has raised a further $146 million in funding.
Congratulations to Pave on its savvy move from TryTrove.co to Pave.com, a domain that certainly matches the authority of a billion-dollar brand.