Synaptic, a leading alternative data insights company focused on providing actionable insights to global investment firms, today announced an ESOP buyback worth $1 million for its employees. This is the first ESOP buyback that the company has announced since its inception.
On the announcement, Anurag Abbott, Co-Founder, Synaptic, added, “People are core to Synaptic’s success and as we grow, we are committed to creating more such opportunities for our employees. We have designed our ESOP program to be best-in-class with employee friendly features such as an extremely long exercise period and monthly vesting to reflect this intent. We strongly believe that the best is yet to come for Synaptic and our fellow Synapticans.”
With this ESOP buyback program, Synaptic is looking to ensure that employees are rewarded for their contribution to the organisation’s success and their continued confidence in Synaptic’s future.
Vikrant Raj, Head of Design and an early employee at Synaptic, added, “I started my journey with Synaptic 5 years ago and seeing Synaptic change and grow over the years and play a small part in its success has been incredibly fulfilling professionally and personally for me. This ESOP buyback makes me feel more excited and geared up for the next phase of growth at Synaptic.”
The Synaptic platform is used by global VC and private equity firms, hedge funds, and asset managers across markets in the US and the UK. Synaptic recently secured a funding of $20 million in a Series B funding round led by Valor Equity Partners. In the coming year, the organisation plans to expand its footprints across more markets and geographies and focus on doubling its current headcount in the next 18 months. Previously, the startup has raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management.
Synaptic was incubated inside Vy Capital, a $6 billion AuM global technology investment company, and spun out by Anurag Abbott and Rohit Razdan in 2016 to bring the best of finance and technology into a platform that could supercharge insights and decision making for investors and corporates. By bringing the power of data and machine learning to alternative data research, Synaptic provides comprehensive tracking of companies, sectors, and competitors by analysing a wide variety of datasets, financials, and company reports in one place. The company enables top Venture Capital and Private Equity firms, Corporates, Hedge Funds, and Asset Managers across the globe to make better decisions with data-driven confidence. Synaptic has offices in India and the United States.