B2B software-as-a-service (SaaS) company VComply has raised $6 Mn in Series A funding round from Accel and Counterpart Ventures. Prior to this, the company raised $2.5 Mn in a seed funding round led by Accel in mid-2019.
The Palo Alto and Kolkata-based regulations tech (acc) startup, which works in the governance, risk and compliance (GRC) space, is planning to use this funding to grow its base in the United States and expand into European markets. VComply said it would be actively hiring for these locations across senior roles in engineering, product and marketing. It will also be iterating its products further to target mid-market and enterprise customers.
Talking about the investment, VComply founder and CEO Harshvardhan Kariwala, said, “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.”
Founded in early 2019, VComply develops software for large enterprises to help them track and standardise their governance, risk and compliance (GRC) needs through a cross-platform central management dashboard. Built by an engineering team in Kolkata, the platform claims to have 45 customers till date, including large enterprises like Costa, TLS Contact and CHD.
“In the rapidly-growing GRC management landscape, VComply’s solution stands out by providing a cloud-based solution that enables robust self-serve risk management while also being easy to use,” said Dinesh Katiyar, partner at Accel. Meanwhile, the company added that it helps other companies comply with internal compliances as well as help customers solve complexities arising from increased privacy regulations across the globe.
According to the eGRC Market, the market for GRC is expected to reach around $60.8 Bn by 2025 as there are increased regulations across the globe. The report adds that compliance is now a cost of going business and it cannot be ignored. Patrick Eggen, cofounder and partner at Counterpart Ventures, elaborated that GRC software is a necessity for modern organisation and the current market is full of antiquated solutions that are not difficult to manage.