Compliance Startup heyData Raises €3.3M seed
- Fundraising News
- 15.09.2022 09:47 am
Berlin-based compliance startup heyData today announced the closing of a €3.3 million seed financing. The round was led by Ten VC, with additional participation from existing investors Patrice Deckert, Stefan Tietze, as well as experienced investors Martin Ostermayer and Dirk Freise and Picea Capital, among others.
The fresh capital will be used for product expansion and venturing into new markets. In addition, the team around the founders Miloš Djurdjević, Martin Bastius and Daniel Deutsch, which currently counts 34 employees, is to be expanded.
Co-founder Miloš Djurdjević is full of confidence against the backdrop of the completed financing round despite challenging market conditions: “In the last 12 months we have proven that our compliance solution strikes a nerve with SMEs! This investment round not only reflects the confidence in our product & team, but also shows that we are on the right track with our vision.”
heyData's SaaS application reduces compliance issues, including data protection, for enterprises. Customers include numerous medium-sized companies, but also many well-known startups such as Everdrop, Vytal, Numa and Hive Logistics. Here, the digital platform serves as the centerpiece for implementing compliance topics. Whether this involves integrations into the tech stack, training of employees to raise awareness, or automatic creation of required documents, is ultimately determined by the company itself based on its requirements. Companies and organizations thus not only protect themselves and strengthen their reputation with various stakeholders, but also free up capacity for growth.
The market forecasts for Compliance & Risk Management look promising. It is projected to grow at least 14% annually, which would mean a market size of €100 Billion in 2028.
“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.