We recently announced our latest round of financing that will expand our sales and marketing efforts and enable us to broaden our compliance product line. Here is the news release in its entirety:
Zapproved Inc., a software provider with a compliance platform making it easier and more economical for businesses facing increasing rules and regulations, announced today that the company recently closed a $1.45 million Series B investment led by an elite group of angel investors. The investment round will enable the company to meet the rapidly growing demand for the Legal Hold Pro™ product and expand the product lines on the company’s compliance platform.
The Series B round is led by a group of successful technology executives and established investors who have a track record of delivering extraordinary returns for their shareholders. Among the participants in this round are the following: Steven Singh, CEO of Concur Technologies Inc. (Nasdaq:CNQR) a leading on-demand service provider of integrated travel and expense management solutions; Mark Stevens, former General Partner at Sequoia Capital; Skip Walter, founding CEO and CTO of Attenex Inc; Allen Alley, former CEO and Chair of Pixelworks (Nasdaq:PXLW); Kanth Gopalpur, General Manager and President of Monsoon Commerce; Raj Kulkarni, founder of GemStone Systems, recently acquired by the leasing virtualization vendor VMware.
This group joins prior Series A investors that included: Steve Sharp, Chairman of Triquint Semiconductor (Nasdaq:TQNT); Steve Wynne, Chief Marketing Officer for Jeld-Wen and founding partner of Ater Wynne LLP; Randy Steck, former VP and GM at Intel; and Taizoon Doctor, founding CEO of Xovix and Volved.
“Companies are struggling due to a stricter regulatory environment to do a better job of being accountable. Zapproved is helping companies address this. We are developing compliance tools that lower risk by offering a simple, easy-to-deploy method for tracking accountability,” said Monica Enand, CEO and founder of Zapproved. “With the support of this group of outstanding business leaders, Zapproved is well positioned to meet the growing demand of enterprises and organizations wanting a smarter way to build accountability.”
Legal Hold Pro, the company’s flagship product for managing legal hold notification and compliance, has been embraced by Fortune 500 companies, leading law firms and government agencies because it reduces risks of adverse outcomes in litigation. The proven compliance platform also offers significant savings by reducing labor costs associated with legal holds by more than 75 percent which delivers an ROI of more than 260 percent in the first year.
