VComply, a Governance Risk and Compliance (GRC) management startup has raised $2.5 million (approx ₹17 crore), in seed round led by Accel Partners. The fund raise will help the startup in further product development as well as global expansion plans.
According to a statement from the company, it will continue building its future-forward solution and expand its presence in Europe to empower organisations with the value of holistic GRC management.
Harshvardhan Kariwala, Founder and CEO of VComply, said, “As GRC management has gained more widespread awareness and adoption, organisations are now seeing the value of leveraging a comprehensive and cloud-based solution to solve their needs. We are building a platform which revolves around the overall governance of an organisation and not just one specific area. We’re continuously brainstorming ways in which we can simplify, streamline, and synchronise workflows, and strengthen the governance of an organisation.”
VComply provides a comprehensive cloud-based governance, risk, and compliance (GRC) solution that streamlines operations management, third-party management, auditing and regulations requirements such that organisations have complete control over their governance needs. Since its launch in early 2016, VComply has over 4,000 users across 100 countries.
Clients span a wide array of verticals and include Acreage Holdings, Ace Energy Solutions, CHD, Department of International Trade (United Kingdom), and Burger King among others.
VComply provides a powerful solution set that standardises compliance processes through a central management dashboard which is accessible via desktop or mobile.
While designed for enterprise-level business needs, any organisation of any size can use VComply to assign responsibility for hundreds of internationally recognised compliance requirements to individuals and departments across their business, streamlining this otherwise complicated process and saving significant time and money.
While the company already has a global presence with offices in the US and abroad, it is also in the process of opening a European office in the UK to support a growing local clientele on the ground.
Dinesh Katiyar, Partner at Accel, says, “The first generation of GRC solutions primarily allowed companies to comply with industry-mandated regulations. However, the modern enterprise needs to govern its operations to maintain integrity and trust, and monitor internal and external risks to stay successful. This is where VComply shines.”