A financial technology startup launched in Canada this week to the tune of $4 million in seed funding.
Barely is a “compensation management platform” whose aim is to make it easy for companies to structure, analyze, and manage pay, according to a statement from the company.
The Toronto-based fintech’s seed round was led by Golden Ventures and included participation from Union Capital.
Cofounders Jafar Owainati and William Mainguy believe that Barley is tackling one of the biggest issues facing businesses today: how to make better compensation decisions—ones “which employers feel confident about and employees can understand,” they add, citing a recent Gartner survey finding fewer than 40% of employees understand how their pay is determined.
“Compensation is a company’s biggest expense, but comp management is often treated as a mere admin task,” noticed Owainati, who serves as chief executive of Barley. “In 2023, companies have software tools for every important part of their business, but pay decisions are still made in scattered spreadsheets and email threads.”
This leaves leaders wondering if they are missing the big picture “and employees questioning if they’re being paid fairly,” he says.
Barley’s tech improves the clarity and transparency of the compensation process, Owainati affirms, helping HR teams and managers make data-driven decisions that result in more equitable pay for all employees. With integrations and controls, Barley enhances communication around compensation while helping businesses save time, avoid critical mistakes, and optimize resources.
“Barley was built to help companies create and execute equitable pay strategies, giving people teams and managers the insights and guardrails for what they pay,” the CEO stated.
“We’ve created a solution that helps every single person at a company better understand compensation, from executive leadership to the individual employee,” cofounder Mainguy agrees.
Owainati and Mainguy say they were drawn to the complex challenge of compensation by a shared passion for solving problems that impact people and their livelihoods every day. They bring entrepreneurial experience founding and scaling successful tech companies in Loopio and Reelhouse.
Barley will use its funding for product development and to expand its go-to-market teams, according to a statement.
“Successful companies need to balance rewarding employees, incentivizing great performance, and making sustainable long-term budget decisions,” observes said Matt Golden, managing partner at Golden Ventures. “We see a white-hot market opportunity for Barley to help businesses get compensation right at a time when it is more important than ever.”
“Comp is complex and sensitive, so we place a lot of emphasis on the user experience,” adds Mainguy. “We thoughtfully distill what’s often intimidating information into powerful yet simple steps so companies can feel proactive, fair and confident in their practices.”
As for the name, the startup points to grains of barley as one of the first forms of currency in the world.
“If you worked in ancient Mesopotamia, getting paid with barley would ensure you were compensated fairly for your work—and that’s a principle we carry forward today,” the company states online. “The future of work will be shaped by better compensation practices.”
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