Accel-Led Series B Funding Round Marks Next Phase of Growth for RegTech Startup
RegTech startup Sprinto has secured $20 million (approximately INR 166.4 crore) in its Series B funding round led by venture capital firm Accel, with participation from existing investors Elevation Capital and Blume Ventures, the enterprise tech startup announced.
Sprinto plans to allocate the fresh capital towards research and development (R&D), particularly focusing on intelligent automation and artificial intelligence (AI). Additionally, a portion of the funds will be dedicated to expanding its presence into new markets.
Founded in 2020 by former Recruiterbox co-founders Girish Redekar and Raghuveer Kancherla, Sprinto specializes in helping enterprises automate risk and compliance requirements. The platform is designed to seamlessly integrate with any cloud setup, enabling enterprises to monitor entity-level risks and controls from a centralized dashboard while fortifying defenses against cyber risks.
Girish Redekar, Sprinto’s co-founder, and CEO highlighted the significance of compliance in fostering trust and accelerating B2B commerce growth. He emphasized the company’s commitment to leveraging technology to facilitate this mission.
Accel partner Shekhar Kirani commended Sprinto’s efforts in streamlining compliance processes, making them low-touch, automated, and efficient. Kirani expressed confidence in Sprinto’s product depth and execution focus, acknowledging the startup’s remarkable growth trajectory.
Sprinto boasts a clientele including zipy, Giift, Shipsy, and DataPlant. With this latest funding round, the startup’s total funding tally stands at $31.8 million.
Previously, Sprinto raised $10 million in Series A funding in 2022 from Elevation Capital, Accel, Blume Ventures, among others. The startup operates in a competitive landscape, facing competition from players like Vanta, Tugboat Logic, and SecureFrame in the compliance automation sector.
According to a report by Grand View Research, the global enterprise governance, risk management, and compliance (EGRC) market reached $54.61 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030.
The robust growth potential of the EGRC market has spurred the emergence of several startups globally and in India, aiming to capitalize on this lucrative opportunity.
