Indianapolis-based tech firm Encamp lands $30 million investment – ​​Indianapolis Business Journal

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Indianapolis-based environmental technology company 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 High Indianapolis-based Alpha Capital and Allos Ventures.

Encamp co-founder and CEO Luke Jacobs said the investment round took place in just six weeks and was oversubscribed, meaning the round attracted more investment than it had. wasn’t looking for it.

Luke Jacobs

Encamp has raised a total of $47.2 million in venture capital since the company launched in 2017.

Investment rounds are identified by a letter, so Series C funding represents a company’s third major investment round beyond the pre-seed and seed stages.

Encamp has grown rapidly over the past two years: it now has around 75 employees, up from 13 at the start of the pandemic. The company recently hired three executives and plans to increase its workforce by almost 30% by the end of the year.

Encamp operates as a remote company and approximately 30% of its employees live in the Indianapolis area.

Jacobs said the company has big plans for growth, both adding new customers and developing additional products for existing customers.

Encamp is a software-as-a-service company whose technology platform helps customers manage and report on environmental compliance.

The company currently operates solely in the United States and has nearly 200 companies among its clients, including a number of Fortune 1000 and Fortune 100 companies.

Jacobs said Encamp sees a 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 tell us every week that they would buy more products from us” if they were available, Jacobs said. “There are so many additional opportunities of value that we can offer them.”

Encamp also wants to expand beyond the United States, developing products suitable for users in places like Europe and the Asia-Pacific region. Since environmental regulations vary by country, state, city, and other government entities, Encamp must do significant development work to launch new products.

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