Tola Capital, Sapphire Ventures back $11m Convercent Series C round

Financial services compliance management software maker Convercent has snapped up $11m of Series C funding thanks to investors including Tola Capital and Sapphire Ventures.

The latest round of funding will be used to enhance Convercent’s predictive analytics and reporting to facilitate proactive compliance management, while expanding its global sales and marketing efforts, the company said.

Sapphire previously backed Convercent through a $10m Series B round in late 2013, which also featured investment from Azure Capital Partners, Mantucket Partners and Rho Capital Partners.

Azure and Mantucket had also provided $10.2m of Series A capital for the business in January of that year.

Tola Capital managing director Sheila Gulati said, “Compliance is a board-level issue for every company. But compliance only works if it’s effectively driven through the whole organization, as every employee has a role to play.

“Convercent’s software enables compliance for the whole organization with an easy to implement solution that delivers immediate value and visibility.

“We are thrilled to be working with the Convercent team to deliver analytics enabled corporate compliance solutions.”

Sapphire managing director Doug Higgins added, “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.”

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