Indianapolis-based software company Encamp this week announced it has raised $12 million in a Series B round of funding.
Encamp, which makes and markets software that helps customers manage environmental data and the forms required for local and federal compliance, has now raised a total of $17.2 million.
The funding announcement comes on the heels of the launch of a new website as well as expanded capabilities of the company’s software, which will help its customers meet more federal regulations.
The most recent funding round, which was led by Boston-based OpenView with participation from High Alpha Capital and Allos Ventures—both of Indianapolis—and Bloomington-based IU Ventures, is one of the biggest rounds raised in Indiana this year.
“We’ve been excited about Encamp since our first meeting with their fantastic founding team. Luke [Jacobs] and the Encamp team are uniquely positioned to fundamentally change the world of environmental compliance, and we’re thrilled to partner again with High Alpha and Allos Ventures,” Ricky Pelletier, partner at OpenView, said in a written statement.
Encamp, which has 30 total employees and about 20 in central Indiana, will use the capital to drive ongoing development of the software-as-a-service-based Encamp platform and add employees in engineering, compliance, sales, marketing and other strategic areas.
For environmental compliance at facilities storing or using hazardous chemicals, the Encamp platform lets businesses verify applicable state and federal regulations automatically. Businesses get an up-to-the-minute view of their entire compliance reporting schedule using Encamp’s dashboard and wide-ranging compliance calendar.
With Encamp’s proprietary reporting automation software system, certified information is aggregated automatically in Encamp and submitted on time and in the correct format to all proper regulatory agencies.
“When we started Encamp, our goal was to become the premier system of record for environmental compliance and reporting, which we did,” said Luke Jacobs, Encamp co-founder and CEO. “That dynamic is shifting, however. Regulators and the [environmental, health and safety] industry are now moving towards systems of intelligence for regulatory rules and data. Therefore, going forward, our aim is to become the new premier system of intelligence for environmental compliance. Encamp’s platform and product roadmap support this new direction, as does OpenView.”
Encamp experienced tremendous growth last year and is expecting another banner year in 2021.
“We grew a little over 800% in terms of revenue in 2020,” Jacobs told IBJ. “The primary story is we moved up market, solidly into the enterprise space. We closed deals with more than 10 Fortune 500 companies, and a handful of Fortune 100 companies.”
Encamp is projecting growth of 400% this year, Jacobs added.
Jacobs was not surprised by last year’s growth, despite the pandemic which ground much of the business world to a halt for several months.
“We had strong inclinations about the growth,” Jacobs said. “We have extreme low churns and high net revenue retention. We’re growing our customer base year-over-year, and we don’t lose customers. There’s real long-term value for us in landing a customer. Our ability to retain and grow business with our customers has really been a value to the company.”
Encamp’s platform updates throughout 2021 are targeted at adding compliance reporting functionality and are also expected to expand reporting to new regulatory program areas. The updates should enable Encamp to build on its current standing as the largest filer of Tier II hazardous material inventory reports in the United States, Jacobs said.
“We’re recognized as trailblazers of environmental compliance for a reason,” Jacobs said. “Now with additional support from our investors and OpenView’s ongoing guidance, Encamp is ready to make compliance and reporting even simpler—and more intelligent—than we already have.”
Encamp is not profitable yet, Jacobs said, and he offered no projections on what that would occur. Jacobs also declined to name any of the company’s customers.
He did say the company has a growing nationwide footprint, with a large group of customers in the Midwest and a big chunk in the agriculture sector.
To accommodate the growth, Encamp is on a hiring spree.
“Realistically we’ll add 20 to 30 employees this year. Next year, it’s more difficult to say but I think we could close out 2022 with 100 total employees,” he said. “We will definitely continue to grow our Indiana employment base, but we are also hiring broadly across the United States.”
The company, which was founded in late 2017 and brought its product to market in late 2018, is hiring a number of positions, including sales and marketing, customer success and software engineers.