Assent Compliance collects $31.4m in Series B funding

Assent Compliance, a compliance software and data solutions provider, has closed a C$40m ($31.4m) Series B round led by Greenspring Associates.

Other participants in the round include existing investors Volition Capital, Open Text Enterprise Application Fund, Business Development Bank of Canada, National Research Council of Canada Industrial Research Assistance Program, and Royal Bank of Canada.

The Ottawa-based startup has raised a total of $51.6m to date, having previously closed a $20m Series A in May last year.

Founded in 2005, Assent provides a supply chain data collection platform for organisations to collect vendor management, ethical sourcing and product compliance data.

It helps clients incorporate best practices into their compliance programs and provides them with the tools to survey their supply chains ‘efficiently, without incurring extravagant costs’. Assent also provides training and educational materials for companies and suppliers to stay ahead of the regulatory curve. The company currently works with over 40 per cent of S&P 500 product companies and a network of over 300,000 supplier companies globally.

New capital will be used by Assent to invest in its platform. It also plans to increase the number of employees across all divisions, particularly in R&D and product management.

“These are the best times to be rapidly growing a global SaaS company,” said Andrew Waitman, CEO of Assent Compliance. “With Greenspring and our investment groups’ infusion of additional growth capital, we continue to scale and gain critical mass to further our partnerships with the world’s best companies, protecting their brands and ensuring they have unfettered access to global markets.”

With the global regulatory landscape counting to evolve, industries are increasingly turning to regulatory technology (RegTech) to find solutions. Earlier this year, London-based RegTech company ClauseMatch picked up £1.25m in a seed round from Austrian early-stage venture capital fund Speedinvest. The company is a SaaS-based platform that helps banks and financial institutions with smart document management.

E-commerce fraud prevention solution provider Riskified also raised $33m through its Series C round, which was led by Israel-based Pitango Growth. The company uses a machine learning algorithm to help prevent fraud in E-commerce companies by analysing card-not-present transactions.

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