Sprinto Secures $20 Million in Series B Funding Led by Accel to Revolutionize Compliance Automation for Enterprises

• ByStartupStory     |    April 12, 2024

RegTech startup Sprinto has announced a significant milestone in its journey to redefine compliance automation for enterprises. The company has successfully raised $20 million (approximately INR 166.4 Cr) in its Series B funding round, with leading venture capital firm Accel at the forefront of the investment.

Alongside Accel, existing investors Elevation Capital and Blume Ventures also participated in this funding round, reaffirming their confidence in Sprinto’s innovative approach to compliance automation.

Sprinto, founded in 2020 by former Recruiterbox cofounders Girish Redekar and Raghuveer Kancherla, aims to empower enterprises to automate risk and compliance requirements seamlessly. The platform boasts compatibility with any cloud setup and offers comprehensive monitoring of entity-level risks and controls through a centralized dashboard, while safeguarding against cyber threats.

In a statement regarding the funding, Sprinto’s CEO Girish Redekar emphasized the pivotal role of compliance in fostering trust and driving business growth:

“Compliance serves as a way of seeding good security behaviours that help maintain security while ensuring high operating standards, high service levels, and risks under control… Removing barriers to establishing trust can hyper-accelerate the GDP growth of B2B commerce. We are committed to building the technology that enables this mission.”

Accel partner Shekhar Kirani commended Sprinto’s progress, highlighting the company’s dedication to simplifying compliance processes:

“Sprinto is doing an incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient. With a deep understanding of the product and a sharp focus on execution, Sprinto has been on a rare growth trajectory.”

Sprinto’s impressive clientele includes prominent names such as zipy, Giift, Shipsy, and DataPlant. With a total funding of $31.8 million to date, the company has demonstrated substantial growth momentum since its inception.

In 2022, Sprinto raised $10 million in Series A funding from prominent investors, laying a strong foundation for its expansion and product development initiatives.

Competing in the compliance automation market alongside Vanta, Tugboat Logic, and SecureFrame, Sprinto is poised to capitalize on the immense opportunities presented by the global enterprise governance, risk management, and compliance (EGRC) market.

According to a report by Grand View Research, the EGRC market reached $54.61 billion in 2023, with a projected compound annual growth rate (CAGR) of 13.8% from 2023 to 2030.

The recent funding secured by Sprinto underscores the growing investor confidence in the RegTech sector, with startups worldwide, including India, leveraging innovative solutions to address the evolving compliance landscape. Just last week, Scrut Automation raised $10 million in growth capital from its existing investors Lightspeed, MassMutual Ventures, and Endiya Partners, further exemplifying the industry’s robust growth trajectory.

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