NEW YORK, May 5, 2015 /PRNewswire/ -- ComplyGlobal, the startup that is revolutionizing the way global organizations manage their complex compliance requirements through the cloud, announced a $2.5M round of funding today.
While ComplyGlobal received the additional funding in February, it has not been made public until now. The funding is led by existing investor IBCC, a Boston based venture capital fund and new investor group Tribeca Angels out of New York.
The funding will accelerate the company's growth initiatives and extend the company's compliance content, product offering, customer base, partner program, and geographic reach. Prior to this round of capital, ComplyGlobal raised $1.3M in seed funding.
"We are excited by the positive adoption of ComplyGlobal by global corporations. We believe that this additional capital will certainly help the company grow more rapidly" said Sundar Subramaniam, Chairman of IBCC.
ComplyGlobal™ provides real-time visibility and greater transparency to finance and compliance professionals, enabling them to track the organization's Corporate Secretarial, Tax, Financial and HR compliance requirements, ultimately saving them costly time and budgetary dollars.
"With stricter and ever-changing compliance laws impacting a multinational organization, there is an excessive increase of penalties, non-compliance fines and reputational risk. Current solutions and programs are manual, time-intensive, fragmented and most importantly reactive. This additional funding is a great vote of confidence in ComplyGlobal's vision of bringing about a paradigm shift in the way compliance can be managed effectively using a SaaS platform", said Kishore Mirchandani, Chairman & CEO of ComplyGlobal.
With its proprietary algorithm and continually updated compliance library, ComplyGlobal provides all of the information an organization needs to comply with seamlessly integrated in one location.
"Tribeca Angels was pleased to participate in ComplyGlobal's latest funding round. For all companies, managing their global compliance issues is gaining in complexity, and the costs of delinquent or forgotten compliance obligations can be crippling. We see ComplyGlobal delivering a robust, yet simple and cost effective, technology solution to help all companies avoid these pitfalls", said John McEvoy, Managing Partner, Tribeca Angels.
ComplyGlobal™ is founded by a team of highly experienced technology and compliance professionals and has offices in Singapore, New York, London, and Bangalore.
Visit www.complyglobal.com to learn more.
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