Compensation startup Pave has secured $100 million in funding led by Index Ventures. The Series C round now values Pave at $1.6 billion, which sees the company join the prestigious unicorn club of private companies with a valuation of $1 billion or more.
Pave, which was founded in 2019, helps businesses 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 distributions.
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 under the domain name TryTrove.co.
I have previously interviewed Pave 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 only raised $950,000 in funding. “We tried to get Trove.com, but unfortunately couldn’t agree on a price with the domain owner,” he told me.
Trove was eventually renamed Pave, acquiring Pave.com for an undisclosed amount. According DomainInvesting.comthe company acquired the domain from identity verification service Prove in a deal brokered by Grit Brokerage.
Around the time Pave secured Pave.com, Prove had also undergone a name change from Payfone to Prove and secured the Prove.com domain for $175,000. Again, the deal was brokered by Grit Brokerage.
Interestingly, since Trove was renamed 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, months before the company announced its name change and a $16 million Series A funding round. Since then, Pave has raised an additional $146 million in funding.
Kudos to Pave on his savvy move from TryTrove.co to Pave.com, a domain that certainly fits the authority of a billion-dollar brand.