Encamp secures $30M in Series C funding to help enterprises transform their environmental compliance
Environmental technology company receives funding on the back of a 500% increase in ARR in 2021 and rapid people growth
INDIANAPOLIS, June 8, 2022 /PRNewswire/ -- Encamp, an award-winning enterprise technology startup for environmental compliance data management and reporting, today announced $30M in Series C funding from Drive Capital. Funding was led with full participation from previous investors, including OpenView, High Alpha Capital, Allos Ventures, and more. The investment follows a significant year of growth for Encamp, which saw a 500% increase in ARR in 2021.
Businesses continually find it cumbersome to maintain environmental compliance because of the growing complexities to collect, manage and analyze data across varying state guidelines. Given that the general minimum for regulatory non-compliance is $62,689 per day/per violation just for EPCRA alone, the threat of non-compliance can become expensive and have consequences for reputations too. The funding will enable Encamp to further develop its product and go-to-market functions to help enterprise companies digitally transform their environmental programs and successfully manage compliance efforts.
"We're seeing an increase in the number of consumers holding organizations accountable for their actions, especially as it relates to environmental responsibility. Members of executive leadership are seeking tools to help prioritize environmental compliance as a result," said Luke Jacobs, CEO and Co-founder of Encamp. "Our partnership with Drive Capital enhances our product to continue Encamp's mission of helping organizations with their compliance and reporting efforts and will fuel our growth into 2023 and beyond."
Encamp plans to further develop the platform's capabilities on a global scale by:
Enhancing existing product features to streamline data collection and analysis across environmental media, data sources and regulatory applicability
Developing compliance reporting technology for Toxic Release Inventory (TRI) reporting, the Clean Water Act and Clean Air Act over the next two years
Expanding hazardous material and waste compliance automation capabilities internationally by 2024
The funding announcement follows the appointment of three new executive hires, including Heather Shanahan as Chief Financial Officer, Puneeth Ghodgeri as Vice President of Marketing and Luca Pizzuto as Vice President of Sales. Encamp expects employee headcount to grow nearly 30%+ by the end of 2022, with a goal of growing the Engineering, Sales, and Marketing team by 50%.
"We're excited to partner with Encamp as they continue to empower EHS teams with their unmatched expertise," said TJ Dembinski, Partner at Drive Capital. "As environmental compliance becomes more top of mind for every company in the world, we love that EHS teams and Encamp's enterprise customers can have peace of mind at every step of the way in their compliance journeys."
For more information on how Encamp's solution can help enterprises on their compliance journeys, please visit www.encamp.com.
Encamp is an enterprise technology company on a mission to create a world in which what's good for business can be good for the environment. Since launching in 2017, Encamp has helped top organizations radically improve their environmental compliance operations and mitigate the risks of non-compliance. By utilizing a blended method of high-tech solutions, along with high-touch expert support, Encamp transforms compliance programs and human processes into a technology-driven system that lays the foundation for accurate and ongoing environmental compliance, especially as business operations grow and scale. Nearly 200 businesses, including a growing number of businesses listed in the Fortune 1000 and Fortune 100, now use Encamp in more than 8,000 regulated facilities throughout the United States, which continues to position the company as an emerging EHS market leader.
A portion of Encamp's revenue is allocated to plant trees across the world, helping sequester carbon and promote human and environmental health for those that need it the most.
About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is investing in the world's next generation of market-defining companies. Since Drive's inception in 2013, the firm has raised $2B of funds to invest in startups solving important problems in large markets. Drive is an investor in more than 40 companies outside of Silicon Valley, including Duolingo, Olive, Branch, Greenlight, and Path Robotics.
BLASTmedia for Encamp
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