Compliance software developer Convercent has netted $25m in a funding round led by Rho Ventures.
Other participants to the round included existing backers Sapphire Ventures and Tola Capital. The investment comes after Convercent has seen high levels of growth, in terms of customers, executive hires and international expansion in EMEA.
The company is an ethics and compliance software provider, that helps businesses to engage with employees, understand organisational risk and build a stronger business performance. Through the compliance management platform, users can act proactively rather than reacting to situations, by giving clients access to insights from global datasets.
Convercent added 29 new customers to their network, including Healthgrade, Coty Services UK, and Orion Health. The RegTech company has seen a 60 per cent YoY growth and has expanded its team in preparations for moving to a new headquarters.
The capital will be used to increase innovation, improvements and application development.
Rho Ventures managing partner Habib Kairouz said, “Businesses recognize that strong corporate ethics is essential to business success. In today’s environment, with corporate compliance scandals continuing to dominate headlines, the focus on ethics and compliance will only continue to increase, and leaders are looking for a solution to address these ethical challenges head-on.”
This is the company’s second funding round this year, with it picking up a $10m Series C at the start of 2017. Convercent received this equity financing from Sapphire Ventures and Tola Capital Fund. Following this new funding batch, the company’s total funding efforts have reached $75m.
Last week, REG, an online due diligence and regulatory compliance solution, was picked by Lloyd’s to support its data recording and reduce administrative burdens on UK cover holders. Through the partnership, REG is looking to develop its product to help Lloyd’s cover holder management processes and plans to launch an international capability for this next year.
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