Encamp, a technology startup for environmental compliance data management and reporting, announced $30 million in Series C funding from Drive Capital, following a high year of growth for Encamp, which saw a 500% increase in ARR in 2021. Funding was led with full participation from previous investors, including OpenView, High Alpha Capital, Allos Ventures, and more. The investment follows a high year of growth for Encamp.
The funding will enable Encamp to further develop its product and go-to-market functions to help enterprise companies digitally transform their environmental programs and successfully manage compliance efforts.
Encamp plans to further develop the platform by:
- Enhancing existing product features to streamline data collection and analysis across environmental media, data sources and regulatory applicability
- Developing compliance reporting technology for Toxic Release Inventory (TRI) reporting, the Clean Water Act, and Clean Air Act over the next two years
- Expanding hazardous material and waste compliance automation capabilities internationally by 2024
Businesses continually find it hard to maintain environmental compliance because of the growing complexities to collect, manage and analyze data across varying state guidelines. Given that the general minimum for regulatory non-compliance is $62,689 per day/per violation just for EPCRA alone, the threat of non-compliance can become expensive and have consequences for reputations, as well. Encamp will use its funding to help companies manage this.
Encamp has recently published a Guide to Proactive Environmental Compliance, which offers “best practices to help you and your team get aligned and out ahead of regulatory reporting. When you do, you make sure non-compliance and its repercussions never set foot in your business.”
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