DPOrganizer, a regulation tech (or regtech) company has raised €3 million in a Series A round led by Industrifonden with participation from Creades, Inbox Capital, and Soläng Invest.
Stockholm-based DPOrganizer creates a SaaS-based product for businesses to monitor how they are processing personal data. The new funds will be invested in product development with global expansion plans ahead.
With the EU’s General Data Protection Regulation (GDPR) coming into effect in May of next year, the regulatory responsibility on companies handling personal data is bigger than ever. Various studies show that the vast majority of firms are not adequately prepared to meet the requirements.
According to the company, its business has grown tenfold over the last year as GDPR approaches.
“Hundreds of thousands of businesses will be affected by the GDPR, and we now stand better positioned to become an important player in the market,” said CEO Egil Bergenlind on the investment.
“GDPR is not only about compliance, it’s about handling personal data in a way that your customers would expect you to. In short, it’s about trust. With the deadline approaching, we find that more businesses are starting to do the work needed and understand the reasons behind having to do it,” he added.
As part of the investment, Sara Resvik, investment manager at Industrifonden, will join DPOrganizer’s board of directors.