Berlin-headquartered compliance firm heyData announced the closing of a €3.3 million seed round.
The investment round has been led by Ten VC along with contributions from existing investors Patrice Deckert, Stefan Tietze, and investors Martin Ostermayer and Dirk Freise and Picea Capital, among several others.
The proceeds will be channeled towards ongoing product expansion and entering new markets. In addition, the professional team working with the founders Miloš Djurdjević, Martin Bastius and Daniel Deutsch, which presently includes 34 employees, is to be expanded.
Co-founder Miloš Djurdjević is quite confident against the backdrop of the completed financing round despite uncertain market conditions.
He stated:
“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 addresses compliance issues, such as data protection, for enterprises.
Clients reportedly include medium-sized firms and high-potential startups like Everdrop, Vytal, Numa and Hive Logistics.
As noted in the update, the digital platform serves as the centerpiece for implementing compliance solutions.
Whether this involves integrations into the technology stack, training of workers to increase awareness, or automate the creation of required documents, it is determined by the company itself based on its requirements.
Firms and organizations are able to protect themselves and maintain their reputation with stakeholders and free-up capacity for growth.
The market forecasts for Compliance & Risk Management look “promising.”
It is expected to grow at least 14% annually, which would mean a market size of €100 billion by 2028.
Benjamin Patterson, Partner Ten VC, remarked:
“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.”