The Software as a Service (SaaS) provider secures funding from German investor Capnamic to scale the operations of their flagship governance software in accordance with the rapid growth of the cloud collaboration market.
MUNICH, Germany: Rencore, the provider of award-winning software for governing cloud collaboration technology, today announced the completion of a 4 million US$ Series A funding round. The Series A was led by renowned venture capital investor Capnamic, coming at a time of significant growth for Rencore. It will fuel the company’s mission to help enterprises stay in control of their cloud collaboration technology.
The company reacted timely to the digital disruption many organizations incurred while navigating business processes through the current pandemic, offering an easy and effective way for all types of organizations to govern the rapidly growing usage of cloud collaboration services like Microsoft 365. The long-term digital shift drove a significant rise in the cloud collaboration market value, which is expected to reach 66.92 billion dollars by 2026, a rise of 35.14 billion dollars since 2020. Rencore’s award-winning product Rencore Governance empowers organizations to enforce a future-proof cloud collaboration governance strategy.
With the investment, Rencore will scale its product offering and continue to reach both small-medium businesses and enterprises internationally. Rencore also plans to significantly grow its team and partner distribution channel to cement its place as the leader in the cloud collaboration governance space. Such growth enables Rencore to meet the high demand for software that creates full visibility across all Microsoft 365 services, automates mundane tasks, and saves costs across the business.
“We are thrilled to be securing this Series A funding round with Capnamic.”, said Matthias Einig, CEO and Co-Founder of Rencore. “They are not only financially invested but also highly experienced in helping technology start-ups, and especially SaaS providers, to succeed at the next level. I am very much looking forward to working with Christian Siegele and the team on becoming the next German start-up success story in their portfolio.”
“Capnamic appreciates our standing as the leader in cloud collaboration governance,” said Torsten Mandelkow, CTO and Co-Founder of Rencore. “The foundations we have put in place for the past two years means we are ready to scale now with investment to match the accelerated market demand.”
Christian Siegele, Managing Partner at Capnamic: “With cloud becoming the default operating mode, organizations are under pressure to ensure secure and efficient operations of their cloud applications. Already today, renowned organizations worldwide rely on Rencore’s governance solution for this – which demonstrates the company’s technological leadership. We look forward to supporting the passionate team around Matthias and Torsten with establishing Rencore as the “global champion” for cloud collaboration governance solutions.”
Rencore is a B2B software company providing award-winning solutions essential for staying in control of cloud collaboration technologies. Our customers rely on our tools to simplify, automate, and speed up their everyday governance, risk, and compliance challenges. Rencore’s diverse, global customer base ranges from mid-sized businesses to enterprises who use their products as SaaS or self-hosted tools. Consultancies and Managed Service Providers build their cloud governance and operations services around Rencore’s powerful solutions.
Capnamic is a leading European early-stage Venture Capital firm, with offices in Cologne, Berlin and Munich. The VC invests in outstanding teams from the German-speaking regions from Pre-Seed up to Series A. Capnamic’s investments include companies such as LeanIX, Staffbase, Adjust (exit to Applovin) parcelLab or Capmo, amongst others. All portfolio companies can rely on Capnamic’s unique network of global investors and industry partners, as well as hands-on support, mentoring and knowledge exchange. The vast expertise of the Capnamic team includes more than 100 investments, a high turnover of successful trade sales and IPOs, as well as a strong entrepreneurial track record within the investment team. The general partners are Christian Siegele, Christian Knott, Jörg Binnenbrücker and Olaf Jacobi.