Convercent, a Denver tech company that helps companies track ethics compliance and root out missteps, has landed $25 million in venture capital to fuel its continued growth and build out its compliance cloud software.
Rho Ventures, of New York City and Palo Alto, California, led the round. Existing investors Tola Capital, based in Seattle, and Sapphire Ventures (formerly called SAP Ventures) also participated in the round.
Including the Series E round announced by the company Tuesday afternoon, Convercent has raised $70.8 million from equity investors since 2013, according to company regulatory filings.
“Convercent is a proven ethics solution, and their platform gives companies the insight they need to make corporate ethics a reality,” said Habib Kairouz, managing partner, Rho Ventures, in a statement. “As more companies get serious about prioritizing ethics, we believe the opportunity for Convercent to make an impact will only grow.”
Convercent has grown to 120 employees locally at its headquarters at 929 Broadway south of downtown Denver. It has more than 600 companies as clients, many of them large multinational brands.
The company makes software that helps companies ensure they comply with industry regulations and laws, as well as tracks companywide employee training and human resources initiatives.
Convercent’s clients include Airbnb, AMC Entertainment, LinkedIn, Petco, Ruby Tuesday, Under Armour and Zenefits.
It notched 60 percent year-over-year revenue growth in its latest quarter, Convercent said.
It recently hired Daryl Cornelius as director of European, Middle East and Africa operations to “boost the company’s European customer base and grow the internal team in the UK, France, and beyond.” It also expanded its Denver leadership, hiring Ryan Pryor to be head of inside sales.
Patrick Quinlan, co-founder and CEO of Convercent, says companies are growing more serious about protecting their reputation to attract skilled younger workers and ethics-conscious consumers.