US-based compliance management software producer Convercent raised $11m yesterday in a series C round that featured Sapphire Ventures, the VC firm spun out of software company SAP.
The round was led by VC firm Tola Capital and also featured unnamed existing backers.
Sapphire Ventures – then called SAP Ventures – led a $10m series B round in October 2013 with participation from Azure Capital, Rho Capital Partners and Mantucket Capital. In January 2013, Azure led a $10m series A round that also included Mantucket.
Convercent operates a platform to manage corporate compliance risks, cases, disclosures, training and policies. The series C capital will go towards boosting the platform’s predictive analytics and reporting functionalities as well as sales and marketing efforts.
Stacey Giard, chief operating officer and principal of Tola Capital, will join the board of directors.
Doug Higgins, managing director at Sapphire Ventures, said: “As corporate compliance continues to grab headlines, the need for Convercent’s technology solution has become ever more urgent.
“We are proud to have been partnering with Convercent on its innovation and growth agenda since first investing in 2013. We look forward to supporting the company’s market leadership through our enterprise connections and to celebrating the team’s continued success in the months and years ahead.”