Indianapolis-based tech firm Encamp lands $30M investment – Indianapolis Business Journal

Indianapolis-based environmental expertise agency Encamp Inc. has secured $30 million in progress funding, the corporate introduced Wednesday.

Columbus, Ohio-based enterprise capital agency Drive Capital was the lead investor within the Sequence C spherical, with further participation from earlier traders, together with Boston-based OpenView Enterprise Companions and Indianapolis-based Excessive Alpha Capital and Allos Ventures.

Encamp cofounder and CEO Luke Jacobs stated the funding spherical got here collectively in solely six weeks, and it was oversubscribed, which means that the spherical attracted extra funding than it was looking for.

Encamp has raised a complete of $47.2 million in enterprise capital for the reason that firm launched in 2017.

Funding rounds are recognized by letter—so Sequence C funding represents an organization’s third main spherical of funding past the pre-seed and seed levels.

Encamp has been experiencing fast progress over the previous two years: It now has about 75 staff, up from 13 firstly of the pandemic. The corporate not too long ago employed three executives and expects to develop its employees by near 30% by the tip of this yr.

Encamp operates as a remote-first firm, and about 30% of its staff stay within the Indianapolis space.

Jacobs stated the corporate has large progress plans, each by including new prospects and by growing further merchandise for its current prospects.

Encamp is a software-as-a-service firm whose expertise platform helps its prospects with environmental compliance information administration and reporting.

The corporate presently operates solely in the USA and has almost 200 companies as prospects, together with quite a few Fortune 1000 and Fortune 100 firms.

Jacobs stated Encamp sees large alternative in including new merchandise, particularly since its present choices don’t cowl all environmental necessities. Over the subsequent two years, the corporate plans to develop merchandise to assist prospects adjust to Poisonous Launch Stock reporting, the Clear Water Act and the Clear Air Act.

“Our prospects are telling us each week they might purchase extra product from us” if it had been obtainable, Jacobs stated. “There’s simply a lot further avenues of worth that we will ship to them.”

Encamp would additionally wish to increase past the U.S., growing merchandise related to customers in locations like Europe and the Asia-Pacific area. As a result of environmental rules differ between international locations, states, cities and different governmental entities, Encamp should do important improvement work to launch new merchandise.