Canada-based software-as-a-service company Assent Compliance received C$20m ($12m) in funding on Wednesday from investors including enterprise software provider OpenText.
OpenText invested through its Enterprise Application Fund, which is also backed by fund-of-funds Teralys Capital and state-owned business development agency Business Development Bank of Canada (BDC).
Venture capital firm Volition Capital led the round, which also featured BDC itself, government-owned research agency National Research Council of Canada’s Industrial Research Assistance Program, financial services firm Royal Bank of Canada and various private individuals.
Founded in 2005, Assent Compliance operates a platform that lets companies manage and efficiently survey their supply chain to make sure they comply with legal requirements concerning aspects including ethical sourcing and product stewardship.
Assent Compliance will use the cash injection to further develop its platform and to drive recruitment over the next year and a half, boosting its current staff count of 165 by an additional 100.
Richard Black, general partner at OpenText Enterprise Applications Fund, said: “We are delighted to be partnering with the Assent management team.
“Assent Compliance has demonstrated their capabilities with proven success working with top tier customers. With the support of an outstanding syndicate of investors, Assent has a unique opportunity to become the global leader in the compliance automation market.”
– This article has been amended to reflect that the amount raised was in Canadian dollars rather than US dollars.