Rencore’s cloud collaboration tool gains $8m investment

Rencore's cloud collaboration tool gains $8m investment

Rencore, a Munich-based software company, has recently secured an investment of $8m to bolster its efforts in streamlining cloud collaboration governance. The funding round, which positions Rencore at the forefront of cloud governance solutions, was led by the respected German investor UVC Partners.

The company, already renowned for its award-winning software that ensures secure and efficient collaboration in the cloud, continues to gain momentum in a market that shows an insatiable appetite for such solutions. As remote work becomes the standard, the need for secure online collaboration platforms is more pressing than ever. Between 2019 and 2020 alone, the usage of these platforms surged by a staggering 322%. Today, almost all remote workers utilise an average of nearly five different communication and collaboration services.

With the newly acquired funding, Rencore aims to further invest in its cloud collaboration governance offering, with the aspiration of becoming the dominant provider in a rapidly expanding market. This recent investment follows a $4m funding round just a year prior, facilitated by Capnamic, who also contributed to this current round.

Rencore CEO and co-founder Matthias Einig expressed his enthusiasm, “We are beyond excited to bring in investors who see the huge market potential in the digital workplace space and attest to our unique market position. Rencore can provide companies with customised solutions to control various cloud services, meeting all IT security requirements.”

Torsten Mandelkow, CAA and co-founder of Rencore, highlighted the potential of the investment, “With today’s funding from UVC Partners, we can further scale our business and expand our offerings to organisations of all sizes. Implementing our solution is very easy, quick, and cost-efficient.”

Previously, Rencore raised $4m with the help of Capnamic, further proving its strong market position and potential for growth.

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