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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEncamp Inc., an Indianapolis-based software company, announced Tuesday that it has raised $3.1 million in growth capital.
The funding round, which closed April 21, was led by Allos Ventures and High Alpha Capital, both of Indianapolis, with participation from IU Ventures.
Encamp, which makes and markets software that helps customers manage environmental data and the forms required for local and federal compliance, has now raised $5.3 million in capital.
The funds from the most recent round will be used to upgrade Encamp’s software, company officials said, and grow staff.
“This round of funding will be used to expand the development of our platform in order to solve the pain points that many industries face when it comes to compliance reporting,” said Encamp co-founder and CEO Luke Jacobs. “With more than 20,000 compliance dates to track, it can be stressful and confusing to stay up to date on both state and federal compliance requirements. Our compliance calendar is just one of many features we plan to build out to keep track of these processes and provide up-to-date information and record-keeping for our customers.”
Founded in January 2018, Encamp has 15 full-time employees, including 14 in Indianapolis. By the end of 2021, Encamp is expected to have 60 employees, Jacobs told IBJ.
Encamp “will be focusing on key leadership hires in the near future in order to better manage our growth potential and expand our capabilities,” Jacobs said.
Jacobs described Encamp’s software as ““TurboTax for environmental compliance.”
Along with their investment, David Kerr, managing director at Allos Ventures, and Mike Fitzgerald, partner at High Alpha, will join the Encamp board of directors.
“Encamp’s solution is well-timed to meet the needs of companies across the U.S. faced with the increasing complexity of environmental regulations and compliance,” David Kerr, Allos Ventures managing director, said in written remarks. “We believe the market will see a significant shift toward automating and streamlining compliance.”
Encamp works with more than 170 customers, including Boston-based American Tower Corp.; Loveland, Colorado-based Nutrien Ag Solutions; and Owensboro, Kentucky-based Asmark Institute.
The company closed its funding round at a time when venture and growth capital is difficult to come by. In the wake of the coronavirus outbreak—which began in the U.S. in early March, many angel investors and venture capitalists have dramatically slowed—or altogether stopped—their investments.
“We’re excited to continue partnering with the Encamp team as they help large organizations drive efficiencies and digitize their manual compliance reporting,” High Alpha partner Mike Fitzgerald said in written comments. “We believe Encamp is tackling a massive opportunity as their industry undergoes a digital transformation and moves offline data and processes to the cloud.”
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