Sawayo, which is building a SaaS compliance and workflow automation platform, has bagged €1.5m in seed funding.
The round was supported by Mecklenburg-Vorpommern and a number of unnamed angel investors.
With the support of the capital and its new partners, Sawayo is confident it can become a leading compliance management solution for small and medium-sized businesses in Europe.
The fresh equity will help Sawayo to create a plethora of new functions and features for its customers, as well as form a number of partnerships to build upon the platform’s capabilities.
Capital will also be used to hire more staff with more “creative minds.”
While the company is focusing on Germany, it will explore expansion to other European countries in the future.
The RegTech platform offers tools for document and working time management, and deadline monitoring. Built for SMEs, the platform can automate time recording, coaches team members on correct reporting, provides compliance overviews and many other key features to help companies maintain compliance.
Sawayo completed a number of pilots to improve the solution and ensure it meets the various needs of companies.
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