A Danish legal tech startup, Whistleblower Software, has grabbed $3 million in seed funding for their platform. The financing round came from UK-based VC firm West Hill Capital (that backed Denmark-based nanotech ATLANT 3D) and angel investors, including Silicon Valley executive Morten Brøgger.
Growth and expansion plans
The investment has come just 18 months after the company’s debut and it is aimed at the growth of the whistleblower platform. Notably, Whistleblower Software aims to expand to new markets with this investment.
“Securing this deal is a massive boost to our organisation as we’ve managed to close it at a time where others are struggling to seal deals without taking valuation cuts. It ensures we’re all geared up for the upcoming growth phases and ready to expand into new markets,” said Jakob Lilholm, founder and CEO of Whistleblower Software.
Ropes in new board member
In addition to the investment, Silicon Valley executive, Morten Brøgger, has joined Whistleblower Software’s board of directors, along with IT consultancy CEO Brian Jeppesen. Brøgger is the former CEO of Wire, a secure communications platform used by various G7 governments, making him an expert on secure and compliant B2B SaaS products.
“In a legaltech startup there is little to no room for failure as you need to live up to certain compliance regulations in order to gain and retain new and existing customers. In a very short amount of time, Whistleblower Software have proven their ability to do this simultaneously with building an affordable and easy to use product in a market that will only grow over the coming years. I’m very much looking forward to joining and assisting the future growth of Whistleblower Software,” said Morten Brøgger.
B2B SaaS platform for businesses
New EU rules dictate that companies with more than 50 employees are obligated to handle staff complaints anonymously and through a third-party platform, making it safe for employees to report any wrongdoings like fraud, bribery or sexism within a company.
Whistleblower Software, founded by Magnus Boye, Kristoffer Abell, and Jakob Lilholm in 2021 in Aarhus, Denmark, has developed a B2B SaaS platform for businesses to be compliant with the new whistleblower regulations dictated by the EU saying companies with more than 50 employees are obligated to handle staff complaints anonymously and through a third-party platform, making it safe for employees to report any wrongdoings like fraud, bribery or sexism within a company.
Whistleblower Software stands out from its competitors by partnering with consultancy firms like PwC, DLA Piper and BDO, who sell platform licenses to the companies whom they advise about whistleblower matters. In total, 400.000 organisations across Europe are required to implement a whistleblower solution before January 2024. Right now, the platform is accessible to more than 1 million employees across 80 countries.
