Canada-based supply chain management platform Assent Compliance has raised C$40m ($31.4m) in a series B round featuring enterprise software producer OpenText’s Enterprise Application Fund (OTEAF).
The round was led by venture capital firm Greenspring Associates and included financial services firm Royal Bank of Canada, Business Development Bank of Canada (BDC), National Research Council of Canada’s Industrial Research Assistance Program, Volition Capital and unnamed private investors.
Founded in 2005, Assent Compliance has developed a platform that businesses use to manage and survey their supply chain to ensure they comply with regulations concerning aspects such as ethical sourcing and product stewardship.
The series B capital will support further development of the platform and will drive recruitment, particularly in the company’s research and development and product management teams. It aims to boost its total headcount from 225 to 325 over the next 12 to 18 months.
Volition Capital led Assent Compliance’s $12m series A round in May 2016. That round also included OTEAF, BDC, National Research Council of Canada’s Industrial Research Assistance Program, Royal Bank of Canada and assorted angel investors.
Andrew Waitman, CEO of Assent Compliance, said: “These are the best times to be rapidly growing a global software-as-a-service company.
“With Greenspring and our investment groups’ infusion of additional growth capital, we continue to scale and gain critical mass to further our partnerships with the world’s best companies, protecting their brands and ensuring they have unfettered access to global markets.”
OpenText Enterprise Application Fund is also backed by BDC and fund-of-funds Teralys Capital.