Local software firm Encamp expands tax-credit deal with state, projects big growth

Keywords Software / Technology

Indianapolis-based software company Encamp is seeing significant growth this year and looking to expand its team.

Encamp, which makes and markets software that helps customers manage environmental data and the forms required for local and federal compliance, earlier this year secured $3.25 million in performance-based, refundable corporate income tax credits, dubbed EDGE credits, from the state.

Fishers-based FairWinds Advisors helped Encamp put the deal together.

Last year, Encamp was awarded $245,000 in EDGE credits. And after hitting the hiring goal attached to that deal, Encamp expanded its agreement significantly with the Indiana Economic Development Corp. The fast-growing company now has a total of $3.45 million in EDGE credits.

“This is a more aggressive target,” said Encamp co-founder and CEO Luke Jacobs.

Encamp, which now has 22 employees—17 in Indiana—is projecting to have 226 by 2029. Those jobs, Jacobs said, would have an average hourly wage of more than $23 an hour.

“With our current trajectory … I feel quite confident in that growth projection,” Jacobs said.

Much of that growth, company officials said, will take place in state.

“All three of the company’s funders are from Indiana, and we plan to have a large number of our employees here,” Jacobs said.

While most of the company’s employees will be in Indiana, it’s not clear exactly where they will work.

Encamp formerly had its headquarters in Broad Ripple and was planning a move into Salesforce Tower downtown, but Jacobs said the firm “hit the brakes on that” as the pandemic hit.

“We currently don’t have a lease,” Jacobs explained. “We will likely have hybrid model in the future. We may have offices for those that want them. We like the idea of decreasing carbon emissions by limiting our office space.”

There’s been a lot of good news at Encamp lately. In May, the company—which was founded in January 2018—announced it had 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.

The funds from the most recent round will be used to upgrade Encamp’s software, company officials said, and grow staff.

Despite the pandemic, Jacobs said Encamp “has been growing quite quickly.”

“Q2 and Q3 were really great,” Jacobs said. “Q3 was our biggest quarter by a significant amount and Q4 is tracking well, also.”

Jacobs declined to divulge the company’s revenue, but said it is projected to grow 400% to 500% year-over-year in 2021.

Encamp has about 190 customers in various sectors including warehousing, logistics, transportation, utilities, food and chemical production and retail agriculture.

Jacobs doesn’t think Encamp is growing because of the pandemic.

“COVID is moving some of the trends in environmental health and safety further along and quicker,” Jacobs said. “The need for what we provide is stronger than ever.”

Encamp’s software deals with regulated facilities and locations, and Jacobs notes, “having a tool like ours—a tool that allows companies to manage facilities remotely—we’re really like an efficiency tool to mitigate your environmental risk. Our tool is providing a lot of value to teams.”

But, he added, “we’re not like Zoom, where COVID is our time. It’s just an added boost. The biggest thing is maturity—of the industry and our company.”

Encamp, Jacobs noted, recently brought marketing in-house and hired a chief revenue officer, which has given the company a boost.

Encamp is in the process of hiring people for several positions including in sales and marketing, engineering and customer success.

The company will accelerate hiring at the end of this year and into 2021, Jacobs said,

“We’re definitely going to be adding head count over all of 2021,” Jacobs said.

Jacobs doesn’t think Encamp will have any problem finding the talent it needs.

“We want to build the very best company we can,” he said. “That being said, we think Indiana has a really good tool of talent. We work under the model where we will always be looking to recruit inside Indiana and Indianapolis. Especially in terms of sales and marketing employees, Indianapolis has a great talent network we think we will be able to hire from for years to come.”

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