Accel-backed VComply raises Series A funding

VComply, a governance, risk and compliance management platform, has raised $6 million (Rs 44 crore) in Series A capital.

Investors in this round include Counterpart Ventures and Accel, Palo Alto and Kolkata-based VComply said in a statement.

Counterpart Ventures says it is a lifecycle venture capital firm that invests in sectors including business-to-business software-as-a-service (SaaS), mobility, and marketplace technology.

Accel maintains an active presence in the United States and Indian SaaS ecosystems. Other bets by the venture capital firm in this space include Aavenir, Bizongo, and Freshworks. 

It has also previously invested in VComply. In July 2019, the startup raised $2.5 million in a seed round led by Accel India.

“While we still have the 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,” VComply founder and CEO Harshvardhan Kariwala said.

VComply -- operated by VComply Technologies Inc. -- was set up in early 2019. 

The company will use the capital raised in this Series A round to expand its growth in the US, and will focus on acquiring talent for several senior roles across its engineering, product and marketing divisions.

“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,” Counterpart Ventures co-founder and partner Patrick Eggen said.

VComply says it currently has over 4,000 users across 100 countries, and maintains offices in locations including Kolkata, California, Manchester, and Singapore.

It is also the latest startup operating in the SaaS space to raise funding. The sector has seen sustained investor interest in the past few years.

Last month, mid-stage-focused venture firm Iron Pillar made its debut bet from its second fund on CoreStack, a cloud governance and compliance startup. It invested $4 million (around Rs 29.4 crore) in CoreStack, which is based in Seattle with a development centre in Chennai.

Also in December, solar analytics-based Prescinto raised seed funding from startup incubator and accelerator Venture Catalysts and others.

Other SaaS-based startups to recently raise funding include equity management platform Toppeq, logistics-tech firm Shipsy, and people analytics-based inFeedo.