ComplyCloud, a Danish developer of a digital software lawyer, has secured a 4.5-million-euro investment ($5.08 million) from local technology investor SEED Capital, the company announced Tuesday (Jan. 4).
The Denmark startup consists of a team of developers and lawyers specializing in compliance who are helping companies meet the provisions of the General Data Protection Regulation (GDPR), the European Union’s data privacy law.
The company’s legal software tool is built out of algorithms and makes it easy for companies to comply with multifaceted legal requirements around the GDPR, and to manage its administration. Since its inception in 2017, it has returned triple figure growth rates annually, indicating a strong growth potential for the business.
“We have seen considerable interest from several venture capital firms and we are incredibly pleased that SEED Capital has joined our circle of owners,” founder and CEO, Martin Folke Vasehus, said in a statement. “They hold deep insights into the journey that lies ahead of us and good values which harmonize well with our own.”
The company said it will use the new investment to grow their business beyond Denmark, refine their technology and hire more staff.
Denmark-based SEED Capital’s investment is the largest seed investment in legal tech ever to be made in Denmark and in the Nordic region, per the statement.
Commenting on the move, Peter Egehoved, partner at SEED Capital, said the investor has built a reputation for identifying and investing in some of Denmark’s most innovative and profitable tech companies including Lunar, Trustpilot, Dixa, Vivino and Endomondo.
“ComplyCloud’s solution is unique both in a Danish and an international perspective, it has very strong, global potential,” Egehoved noted. “At the same time, ComplyCloud has also secured exceptional three-figure annual growth rates based on organic growth, and so to that extent we are very much looking forward to the work ahead.”
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