Assent Compliance, an Ottawa-based startup, isn’t in a sexy space. The company focuses on helping enterprises collect the necessary data to keep their global supply chains in compliance with local and international regulations. But while that may not sound like the most exciting space to be in, the company today announced that it has raised a $40 million CAD Series B round (that’s about $31.4 million U.S.) led by Greenspring Associates.
Other participants include existing investors Volition Capital, Open Text Enterprise Application Fund, Business Development Bank of Canada, National Research Council of Canada Industrial Research Assistance Program, Royal Bank of Canada and a number of private investors. With this round, the company has now raised $60 million CAD, making it one of the better-funded Canadian startups at the Series B stage.
It’s worth noting that the company has been around since 2005, but as its current CEO Andrew Waitman told me, the focus on compliance only really came in 2010. For the next five years, the team iterated on this idea. When Waitman came to the company in 2014 (after having met the company’s VP of marketing Matt Whitteker in the boxing ring), the company had about 20 employees. Today it…