It turns out the confusing nature of the English language can be a real profit. Education and editing platform Grammarly has climbed its way to the top shelf of the startup world in its latest funding round, pitting it as the 10th most valuable startup in the U.S. CEO Brad Hoover is at the helm of it all.
Here’s a dive into Hoover’s net worth, including his salary from Grammarly and how he got to where he is today.
BRAD HOOVER Profile Summary
Editing software developer Grammarly is now worth $13 billion following its latest funding round. The more than $200 million in capital stems from lead investors Baillie Gifford & Co. and accounts managed by BlackRock.
Grammarly didn’t get here in a day. It grew its user base to about 30 million people per day over the course of 12 years. The platform’s flexibility (it works with some 500,000 applications) has helped it stay relevant in a changing technological environment. Plus, Grammarly’s commitment to machine learning following a $110 investment in 2017 has helped propel it forward.
Grammarly has raised upwards of $500 million in funding over three institutional investor rounds. In 2020, Grammarly expanded its repertoire of assets to include Docugami, a Seattle-area document engineering startup it invested in for $10 million.
Hoover has been at the front of Grammarly’s executive pack since 2011 and has been a big part of the company’s success. A native of Lancaster, Penn. and graduate of Cornell University, Hoover currently lives in San Francisco to cater to his Silicon Valley unicorn. Hoover’s experience as a business consultant, analyst, and investor gives him a well-rounded perspective in the business sphere.
As CEO of Grammarly, Hoover is poised to get a slice of that mega valuation. It starts with his salary, which is reported to be about $503,500 annually. According to Comparably, the wider Grammarly executive team makes an average salary of $208,799 per year.
Hoover’s compensation goes beyond base salary. There are also bonuses and equity. Since Grammarly isn’t a public company, it’s not required to report financial statements inclusive of executive stakes. But as long-time CEO, Hoover is likely to have at least a fair share.
With a decade serving in his post, Hoover has amassed more than $5 million in salary alone. Combined with bonuses, equity, and returns on his own investments, his net worth is likely to exceed that number.
Hoover isn’t like other CEOs. He’s laid back and tends to shy away from the limelight, instead working on solutions to improve his product and make his company more successful. There’s no word of a Grammarly IPO, but retail investors are likely to hop on the SaaS (software-as-a-service) company’s tail if that changes.
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