Indianapolis-based environmental technology firm Encamp Inc. has secured $30 million in growth funding, the company announced Wednesday.
Columbus, Ohio-based venture capital firm Drive Capital was the lead investor in the Series C round, with additional participation from previous investors, including Boston-based OpenView Venture Partners and Indianapolis-based High Alpha Capital and Allos Ventures.
Encamp cofounder and CEO Luke Jacobs said the investment round came together in only six weeks, and it was oversubscribed, meaning that the round attracted more investment than it was seeking.
Encamp has raised a total of $47.2 million in venture capital since the company launched in 2017.
Investment rounds are identified by letter—so Series C funding represents a company’s third major round of investment beyond the pre-seed and seed stages.
Encamp has been experiencing rapid growth over the past two years: It now has about 75 employees, up from 13 at the beginning of the pandemic. The company recently hired three executives and expects to grow its staff by close to 30% by the end of this year.
Encamp operates as a remote-first company, and about 30% of its employees live in the Indianapolis area.
Jacobs said the company has big growth plans, both by adding new customers and by developing additional products for its existing customers.
Encamp is a software-as-a-service company whose technology platform helps its customers with environmental compliance data management and reporting.
The company currently operates only in the United States and has nearly 200 businesses as customers, including a number of Fortune 1000 and Fortune 100 companies.
Jacobs said Encamp sees big opportunity in adding new products, especially since its current offerings don’t cover all environmental requirements. Over the next two years, the company plans to develop products to help customers comply with Toxic Release Inventory reporting, the Clean Water Act and the Clean Air Act.
“Our customers are telling us every week they would buy more product from us” if it were available, Jacobs said. “There’s just so much additional avenues of value that we can deliver to them.”
Encamp would also like to expand beyond the U.S., developing products relevant to users in places like Europe and the Asia-Pacific region. Because environmental regulations vary between countries, states, cities and other governmental entities, Encamp must do significant development work to launch new products.