Data residency and compliance solution InCountry has bagged $18m in a funding round led by Caffeinated Capital and Mubadala Capital.
Additional support came from Accenture Ventures and previous InCountry backers Arbor Ventures, Felicis, Ridge Ventures, Bloomberg Beta and Team Builder Ventures.
Funds from the round will support the global expansion of the RegTech and meet the increasing need of local data storage around the world.
Companies have been increasing their digitalisation following he outbreak of the coronavirus. A recent survey from CIO.com claimed there was a 25% increase in SaaS investment in January 2020.
While appetite might be increasing, InCountry believes many companies are blocked from operating in the Middle East or other regains due to an inability to comply with local regulations.
Its technology aims to help companies keep sensitive and regulated data within a country’s borders to avoid sanctions, lawsuits or other issues.
Its solutions are used in the financial services, healthcare and other industries.
InCountry CEO and founder Peter Yared said, “The pandemic has accelerated the move to cloud globally.
“It’s more important than ever for businesses to offer online access to their services using best of breed SaaS solutions, without being blocked from using SaaS due to country-specific data restrictions. We’re seeing an immediate need in various regions throughout the globe, and will use our new funds to accelerate services that support these rapidly growing markets.”
This round close puts the company’s total capital raised to $39m.
The company raised $15m in Series A round last year, with support coming from Arbor Ventures, Global Founders Capital, Mubadala and others. It raised the capital to support its international expansion efforts.
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