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.
