Palo Alto and Kolkata-based business-to-business (B2B) platform, VComply, said that it has raised $6 million as a part of its Series A funding round led by Counterpart Ventures and Accel.
The two-year old startup will use the funds to further fuel the company’s go to market operations in the US, and will hire across several senior roles in engineering, product and marketing for the geography.
VComply provides a B2B software-as-a-service (SaaS) platform to corporate businesses, which helps them track and standardise their governance, risk and compliance (GRC) needs through a central management dashboard which is accessible via desktop or mobile.
While it’s designed as an enterprise-level system, organisations of any size can use VComply to assign responsibility for hundreds of internationally recognized compliance requirements to individuals and departments across their business, streamlining this otherwise complicated process.
“Our team has been heads down on product development for the past year, continuing to develop our next-gen solution to a long-time problem of managing GRC. While we still have lion’s share of our seed round proceeds, this opportunistic round came together quickly, and will allow us to step on the accelerator to bring out solutions to a wider market,” said Harshvardhan Kariwala, founder and CEO of VComply.
In July 2019, VComply, had secured $2.5 million in a seed funding round led by Accel.
“GRC software is a necessity for the modern organization. The current market is full of antiquated solutions which are not nimble and difficult to manage. VComply is uniquely positioned with its innovative, robust and scalable platform to capture a huge piece of this market,” said Patrick Eggen, co-founder and partner at Counterpart Ventures, which was also an early investor in Zoom.
With offices in Manchester and Singapore, VComply currently caters to over 45 clients globally. Currently, North America accounts for almost 80% of VComply’s revenues.
“In the rapidly growing GRC management landscape, VComply stands out as having strong leadership, deep relationships and a big vision to become the category leader in the US market as well as the global market. They have a tremendous opportunity ahead to expand their business in the US, and we’re looking forward to working with them on this journey,” said Dinesh Katiyar, partner at Accel.
The article was first published on livemint.com.