Encamp has closed a $12 million Series B after coming off a 2020 in which the Indianapolis-based compliance software developer grew 800 percent.
Encamp’s software platform helps its customers — from small business to Fortune 10 firms — manage their environmental, health and safety compliance data and automates its reporting to the appropriate federal, state and local agencies. That helps its customers reduce the risk of non-compliance — thus avoiding significant penalties — as well as helping protect the environment, said co-founder and CEO Luke Jacobs.
“We want to create a world where what’s good for business is good for the environment,” Jacobs said.
Encamp says it can help its more than 150 customers sort through what regulations are applicable to their operations in all 50 states. Its platform lets companies and regulators keep track and understand what is currently stored in the over 4,000 facilities it helps manage. The company also has a library of more than 18,000 documents for the general reporting of its customers.
The company’s triple-digit growth can be attributed not just to increases in regulations, but also the COVID-19 pandemic, as companies sought to oversee facilities that all of a sudden did not always have in-person oversight, Jacobs said.
“This platform is extremely usable for managing sites where there are now less people coming in,” Jacobs said.
Encamp plans to put much of its Series B money toward engineering, sales and marketing, Jacobs said. While the company mainly competes with companies creating and exporting data on old manuel spreadsheets, Jacobs said there are legacy providers such as Dakota Software and Gensuite that provide some of the regulatory software solutions. However, innovation has stalled in the industry and much of the software available is antiquated, Jacobs said.
“The current technology is rough,” he added.
Ricky Pelletier, a partner at OpenView, said while Encamp will likely have exit options in the future, he also believes it can be its own standalone company in a large, growing market.
“There is a significant market opportunity here,” he said. “That is our goal — to build a large company.”