London’s Ravio raises €10.6M to help companies clear compensation complexities

London-based Ravio, a compensation management platform, has raised $12M (nearly €10.61M) in a Series A funding round led by Spark Capital, with participation from Blackbird and Cherry Ventures. 

The company aims to change how businesses handle compensation by offering real-time market data and decision-making tools. Ravio’s customers include Just Eat Takeaway, Octopus Energy, Wise, Adyen, Mollie, Zoopla, and Skyscanner.

Alex Finkelstein of Spark Capital says, “We’re excited to double down on our previous investment in Ravio by leading their Series A. Getting compensation right is challenging for companies of any size and industry. We believe Ravio is positioned to become the industry standard for real-time compensation data.”

Navigating compensation challenges

Many companies make pay decisions using over a year-old data, even though pay makes up the majority of their operating costs. This approach can lead to staff leaving for better-paying jobs, unbalanced spending across roles, and unequal pay between new and existing employees due to inconsistent data sources.

This is where Ravio looks to make a difference. Founded in 2022 by Roy Blanga, Merten Wulfert and Raymond Siems, the company offers data and tools to help companies manage compensation. 

It provides real-time market insights and software to address misalignment between pay practices and market conditions.

Vaso Parisinou, Chief People Officer at Ravio, says, “The idea for Ravio was born from running compensation reviews during the early days of building Deliveroo. We were scaling rapidly, and it was painful to find data from relevant companies. I was building bands across countries, ensuring my data reflected the current market, and trying to fill in gaps for remote markets. It was impossible.”

“Market data hasn’t kept pace with today’s dynamic market,” adds Merten Wulfert, co-founder and CEO of Ravio. “We’re bringing decades-old survey methodology into the modern age by plugging directly into our customers’ HR systems. This approach automates the data collection process and lets us continuously analyse market movements as they happen.”

Ravio’s platform provides market data across more than 46 countries and 100 roles, supporting faster compensation decisions. It offers live total rewards benchmarks, tools to benchmark entire organisations, and features to manage pay structures, merit cycles, and pay fairness.

Ravio enables customers to connect their HR software through an API, allowing compensation data to be securely and anonymously included in market benchmarks. Using a give-to-get model, participating companies gain access to these benchmarks. 

They can compare their salary, equity, and benefits data to current market figures, with filters such as headcount, funding stage, and industry. When employees join, leave, or receive pay updates, the changes automatically sync back to Ravio.

Companies using Ravio’s platform are reporting results. HERO Software, a SaaS company in Germany expanding from 100 to 250 employees this year, adopted Ravio to change how it manages compensation.

After its Series A funding round, the company is offering two months of free benchmarking access to companies with over 100 employees. A 60-day trial is also available.

Capital utilisation

With its Series A funding, Ravio will focus on expanding globally to provide compensation leaders with the tools needed for competitive pay strategies. 

The funding will be used to expand its dataset to cover more regions and industries, develop new market insights such as hire benchmarks and predictive analytics, and enhance its compensation management tools.

Raymond Siems, Chief Product & Technology Officer at Ravio, says, “After supporting 1,200+ companies, we’ve seen how compensation leaders are put in tough positions with insufficient data and outdated tooling.”

“We’ve built what our customers told us they need: real-time insights and decision-making tools without painful or time-consuming admin. Our mission is to empower compensation teams to lead with accurate, defensible data in every conversation.”