The Denver founded enterprise compliance management software company, Convercent, announced just today that it raised $11M in a series C funding round led by Tola Capital with participation from other existing investors.
Convercent, founded in 2012, works to help large companies stay in compliance with regulators and company ethics. Covercent offers tools that are all about communicating with employees and ensuring their full understanding of the rules before a deal is made or a policy is broken. The software offered is an efficient and effective alternative than the traditional distribution of lengthy company policies.
Convercent has some big name customers, including The Kraft Heinz Company, Under Armour, Airbnb, Petco, and LinkedIn.
Convercent has big visions for the $11 million, including expanding global sales, more focus on marketing efforts, and enhancement in predictive analysis and reporting. The company also is looking to increase their number of employees. Currently, Convercent has 67 employees, but is looking to hire a dozen more in the next year, specifically adding members to their software engineering team, according to executive vice president Chris Nixon.
However, CEO Patrick Quinlan says that right now the real focus is building sustainable growth that gives us the freedom of being a cash flow positive company.