heyData, a Berlin-based compliance startup has raised €3.3M seed funding today. Ten VC led the round, with existing investors Patrice Deckert and Stefan Tietze, as well as experienced investors Martin Ostermayer and Dirk Freise and Picea Capital, among others, also participated in the round.
Expansion into new markets
The new funds will be used to expand the company’s product line and enter new markets. Furthermore, the team of 34 employees that currently surrounds the founders Milo Djurdjevi, Martin Bastius, and Daniel Deutsch will be expanded.
Despite challenging market conditions, co-founder Miloš Djurdjević is upbeat about the completed financing round: “In the last 12 months, we have proven that our compliance solution works. This touches a nerve with SMEs! This investment round demonstrates not only our confidence in our product and team, but also that we are on the right track with our vision.”
Market forecast promising
Compliance & Risk Management market forecasts appear promising. It is expected to grow at least 14% per year, resulting in a market size of €100B by 2028. Lots of tech startups in the segment are already pulling in a lot of cash. Recently, SteelEye raised $21M to help financial firms simplify compliance processes and also with the sustainability angle, CEEZER landed €4.2M to help organisations with complex voluntary carbon market.
It is now more difficult for firms to accurately comply with regulations intended to safeguard the integrity of the financial markets due to an evolving operational environment post-COVID and rising data volumes.
Enterprises benefit from heyData‘s SaaS application, which reduces compliance issues such as data protection. Customers include a wide range of medium-sized businesses, as well as numerous startups such as Everdrop, Vytal, Numa, and Hive Logistics.
heyData, founded in Berlin in 2020 by Daniel Deutsch, Miloš Djurdjević, and Martin Bastius, is now the compliance startup’s headquarters. The digital platform first allows for integration into the customer’s technical infrastructure, followed by steps to train and sensitise employees, automatically generate and centrally store necessary documents, and digitally conclude necessary agreements with employees. The core of heyData is the combination of technology and in-depth legal expertise to save SMEs time, capacity, and costs.”
“We are incredibly excited to be invested in heyData. When we first met the team, we were very impressed with their foundation of over 400 customers in multiple countries and how reliable their service is in such a business-critical area as data protection. The products in their pipeline are giving SMBs the opportunity to access solutions with high levels of quality and efficiency that previously only large enterprises were able to afford. We look forward to supporting their vision to become the premier global ‘Compliance-as-a-Service’ platform,” said Benjamin Patterson, Partner Ten VC.