Encamp secures $30M funding round
INDIANAPOLIS (Inside INdiana Business) — Indianapolis-based tech startup Encamp has closed on a $30 million Series C round of funding. The company, which has developed an environmental data management and compliance reporting automation software platform, says it will use the funding to expand its platform’s capabilities, including venturing into international markets.
“It’s an indication of the momentum for the company, and we found some really high-commitment investors who had a lot of aligned incentives with us on the vision for using technology to drive environmental compliance,” said co-founder and CEO Luke Jacobs.
The round was led by previous investors, including Boston-based OpenView Venture Partners, as well as High Alpha Capital and Allos Ventures in Indianapolis.
Encamp’s platform helps companies understand and manage their environmental data, then help them report that data to regulators in the proper form.
Jacobs says the Series C round will help move the company forward in a three-fold manner.
“We will be expanding our existing product features to really streamline and enhance the data collection across more different kinds of environmental media. So this means basically, water data, error data, toxic release inventories,” he said. “We’re also going to be actually building new reporting platforms, basically, new modules for specifically three big regulations: toxic release inventory reporting, Clean Water Act and Clean Air Act that we’ll be developing over the next one to two years.”
Additionally, Jacobs says the company plans to expand its hazardous material and waste automation products internationally by 2024.
Encamp is also continuing to add to its staff, the majority of which work remotely throughout the country. Jacobs says the company had 13 employees prior to the pandemic, a number that has grown to 75, including three new executive hires.
The company plans to grow its headcount by nearly 30% by the end of this year, including product managers, product designers, engineers, and sales and marketing positions.
“I don’t think we’ve really been facing a lot of like hiring constraints. That being said, it’s been a really tight hiring market over the last year,” said Jacobs. “So I think there are some parts of this dynamic that I think for growth businesses like Encamp, it will be helpful for us to be able to position as a company that is continuing to really grow, because we’re definitely looking to grow both our current base in central Indiana as well as nationally.”
The funding round comes less than a year after Encamp closed on a $12 million Series B round and just over two years after securing a $3 million Series A round. All told, the company has raised nearly $50 million in investment.
Jacobs says he has some “audacious goals” for Encamp long-term.
“We do see the opportunity for us to become the unified platform that companies do store and understand their environmental data through and then also the transaction infrastructure to do the reporting to all applicable regulatory agencies in all countries,” he said. “Through that, kind of the logical extension is that we plan on taking the company public over time.”