Governance, risk and compliance (GRC) management platform VComply has netted a pre-emptive $6m in Series A funding.
The capital injection was led by Counterpart Ventures and Accel.
This equity has been earmarked to support the FinTech’s go-to-market efforts in the US. Part of the expansion plans include hiring several senior roles in engineering, product and marketing in the US.
Founded in 2019, VComply offers a GRC platform that streamlines corporate operations, helping to standardise the compliance process through a central management dashboard. The dashboard is available through desktop and mobile.
According to data from eGRC Market, the GRC industry is expected to exceed $60.8bn by 2025. VComply claims that a lot of GRC operations are a black box and a heavy burden for firms due to integrations and steep learning curves. Its technology is aimed at making processes more transparent and accessible.
Businesses of any size can use VComply to assign responsibility for compliance requirements to individuals and departments across their business.
Counterpart Ventures co-founder and partner Patrick Eggen 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.”
The Silicon Valley-based RegTech previously netted $2.5m in seed funding back in 2019 from Accel.
Accel partner Dinesh Katiyar 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.”
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