[Funding alert] GRC management platform VComply raises $6M in Series A from Counterpart Ventures, Accel
GRC management platform VComply on Tuesday announced the close of a preemptive $6 million Series A funding round from Counterpart Ventures and Accel. The funding will further fuel the startup's go-to-market operations in the US.
Speaking on the investment, Harshvardhan Kariwala, Founder and CEO of VComply, 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.”
Since its launch in early 2019, VComply claims that it has built a governance, risk and compliance (GRC) platform that streamlines operations in this historically opaque sector of corporate operations, where complexity is increasing due to new privacy regulations and more businesses operating in the cloud on a global scale.
The platform was built from the ground up with its engineering team in Kolkata, and the startup most recently hired top tier talent in senior sales and operations roles.
With this additional capital, VComply said it will continue moving forward to grow rapidly in the US, including resourcing as it currently looks to hire several senior roles in engineering, product and marketing in the US.
Patrick Eggen, Co-founder and Partner at Counterpart Ventures, said,
“GRC software is a necessity for the modern organisation. 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.”
According to eGRC Market, the GRC industry is projected to exceed $60.8 billion by 2025 as businesses grapple with more regulation at home and abroad. Compliance is now a cost of doing business and cannot be ignored.
VComply added that its comprehensive cloud-based GRC solution is intuitive and easy to onboard, making an essential and complex operation more transparent and accessible.
According to Dinesh Katiyar, Partner at Accel, “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.”
VComply provides a solution set that standardises compliance processes 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 recognised compliance requirements to individuals and departments across their business.
VComply's clients span across a wide array of verticals and include Costa, TLS Contact, and CHD, among others.
Edited by Suman Singh