Copenhagen-based ComplyCloud, a cloud-based GDPR platform with a mission to make it easy for companies to comply with the GDPR, announced that it has raised €4.5M in a fresh round of funding from Seed Capital.
The funding is the largest Seed investment in legal tech ever to be made in Denmark and the Nordic Region, according to Crunchbase.
Seed Capital is a tech investor in Denmark that invests at the seed stage. With more than 20 years’ experience and a portfolio within the financing of companies from the seed stage to the top of the league tables, Seed has helped many of Denmark’s tech startups to grow and attain commercial success. Some of the companies include Trustpilot, Vivino, Templafy, Lunar, Dixa, Veo, Forecast, Mofibo and Endomondo.
Peter Egehoved, partner at Seed Capital, says, “ComplyCloud’s solution is unique both in a Danish and an international perspective. It has very strong, global potential. At the same time, ComplyCloud has also secured exceptional three-figure annual growth rates based on organic growth, and so to that extent we are very much looking forward to the work ahead.”
Capital utilisation
The raised capital will help the company to scale its business beyond Denmark, further refine its technology, and expand its workforce.
ComplyCloud founder Martin Folke Vasehus says, “We have seen considerable interest from several venture capital firms and we are incredibly pleased that Seed Capital has joined our circle of owners. They hold deep insights into the journey that lies ahead of us and good values which harmonise well with our own.”
An all-in-one GDPR solution
Founded in 2017 by Martin Folke Vasehus, ComplyCloud has built a lawyer out of algorithms. Its digital lawyer makes it easy for companies to comply with complex legal requirements and to manage their administrative burden. In simple terms, it allows companies to put complicated rules within areas such as data protection and GDPR entirely on autopilot.
Based upon simple questionnaires, ComplyCloud automatically creates all required legal documents. The company says its system is user-friendly and requires no legal or technical qualifications. When all GDPR-documents are created in the system, ComplyCloud automatically sends out reminders when control is needed. If the GDPR-regulations change, documents get updated automatically.
ComplyCloud claims to have generated a turnover of DKK 7.5M (approx €1M) in 2020 and currently employs 50 people. Its turnover for 2021 is estimated at more than DKK 20M (approx €2.68M) before accrual.
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