Encamp, an Indianapolis based web application startup, has reportedly announced that it has secures $3.1 million from a Series A investment round led by High Alpha Capital and Allos Ventures. The IU Philanthropic Venture Fund, which is managed by VC firm IU Ventures, also provided a significant contribution to this raise, providing $151,000 in funding. This marks the second investment of IU Ventures in the company.
Funds from the Series A funding round would help the company further expand the size of its executive leadership team. The new hires would ultimately support and lead efforts to scale marketing, engineering, and sales teams that would help build and launch new products.
Encamp initiated its fundraising activities in early 2020, however, the final stages of investment round were affected due to the coronavirus crisis.
Senior Associate at IU Ventures, Samantha Ginther stated that the successful closing of the round is a testament to Encamp’s leadership team as well as its lead investors; that the company was still able to raise this investment round amid such a challenging climate.
Ginther further added that the company is thrilled to invest along with Indiana syndicate partners High Alpha and Allos Ventures, and the company recognizes the significance of continuing to provide support to its portfolio firms, which also includes honoring any of its outstanding investment commitments that were made before the COVID-19 pandemic took hold of the U.S.
Luke Jacobs, IU alumni, along with Daniel Smedema together founded Encamp in 2017. Jacobs is currently the CEO of the company, while Daniel Smedema sits as the Chief Technology Officer. Encamp web application helps clients who need to gather as well as document environmental compliance data.
Through real-time integration with regulatory standards, introduced by the government, and applied automation, the company’s platform allows clients to be more confident with their compliance even if they worry less about the required reporting and documentation.
CEO Jacobs stated that over the past year, the company has witnesses the overall potential of what it is building by adding a number of firms, which also includes some companies from Fortune 500, as its consumers.