NBA star Stephen Curry has started a new early-stage investment firm and is kicking things off by putting money into a Seattle-based pay-equity company.
Syndio, which makes anti-bias software for companies like Salesforce, General Mills and Nordstrom, will get an investment of about $1 million from Curry’s Penny Jar Capital, the parties said Tuesday.
“Ensuring people are paid fairly is long overdue, and is a fundamental issue that needs to be addressed to progress toward an equitable society,” the Golden State Warriors Curry said in a statement. “Syndio is an objective solution that removes unconscious bias from the equation and changes the way business leaders tackle workplace equity.”
Curry has been an active investor through his off-court operation SC30, with a portfolio that includes Tonal home gyms and Oxigen water. He’s also involved in various entertainment projects, such as a miniature golf show on ABC and has footwear and apparel lines with Under Armour.
Penny Jar Capital registered with the Securities and Exchange Commission in May.
Bryant Barr, Curry’s college teammate turned business associate and the firm’s general partner, declined to elaborate on the investment or plans for the newly created entity.
Syndio’s software allows businesses to analyze pay data and helps eliminate bias in hiring and promotion. Clients are using the software to analyze the pay of 2.6 million employees, Syndio said.
Founded in Seattle in 2017, Syndio has raised more than $25 million to date. Existing investors include Bessemer Venture Partners and Emerson Collective.