VComply announced the close of a preemptive $6 million Series A in funding from Counterpart Ventures and Accel, which will help further fuel the company’s go to market operations in the US.
Since its founding in early 2019, VComply has built an acclaimed 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, India, and the company most recently hired top tier talent in senior sales and operations roles.
With this additional capital, VComply 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.
The GRC industry is projected to exceed $60.8 billion by 2025, according to eGRC Market, as businesses grapple with more regulation at home and abroad. Compliance is now a cost of doing business and cannot be ignored.
However, GRC operations are still a black box that are painful for businesses due to heavy integrations and steep learning curves. This pain point is particularly acute for the SMB and mid-market segments, an underserved category that VComply targets.
VComply’s comprehensive cloud based GRC solution is intuitive and easy to onboard, making an essential and complex operation, more transparent and accessible.
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.”
Patrick Eggen, Co-founder and Partner at Counterpart Ventures, said: “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. Harsh and team take the approach that functionality wins the category, allowing customers to customize their solution depending on an organization’s needs.”
Dinesh Katiyar, Partner at Accel said: “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. 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.”
VComply provides a powerful solution set that standardizes compliance processes through a central management dashboard which is accessible via desktop or mobile.
While it’s designed as an enterprise-level system, organizations 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 and saving significant time and money.
Users of VComply are also protected from expensive penalties and human error risk-reduction when meeting compliance deadlines.
VComply is consistently ranked as a high performer and a top GRC platform by the business review platform, G2. VComply’s clients span a wide array of verticals and include Costa, TLS Contact, and CHD among many others.