Helping companies to become data compliant, Berlin’s heyData has just secured €3.3 million in fresh capital. The SaaS startup is now planning to scale to new markets and help European startups navigate the complex world of compliance.
GDPR has been around since XX and it’s now a household phrase in Europe. While to some it might cause a bit of a headache, the truth is that GDPR has been fundamental in protecting European privacy in the digital era. It’s based around the pillars of transparency, compliance and punishment, giving individuals more control over their personal information. For companies though, navigating GDPR often requires a legal team and can get pretty complex.
Aiming to make it simple, empowering SMBs to become compliant in a fast, digital and reliable way, German startup heyData has just scored €3.3 million.
The €3.3 million seed round was led by Ten VC, with additional participation from existing investors Patrice Deckert, Stefan Tietze, as well as experienced investors Martin Ostermayer and Dirk Freise and Picea Capital, among others.
Founded by Miloš Djurdjević, Martin Bastius and Daniel Deutsch, the SaaS innovators now want to expand.
Miloš Djurdjević: “In the last 12 months we have proven that our compliance solution strikes a nerve with SMEs! This investment round not only reflects the confidence in our product & team, but also shows that we are on the right track with our vision.”
More compliance with less hassle
Founded in 2020, the heyData team has developed an all-in-one digital platform for SMBs, taking the burden on organizations and companies to manage their data protection and compliance requirements.
The digital platform, developed in Berlin, can be fully integrated into existing tech infrastructure and can be used to train employees in compliance affairs. It can also automatically generate and centrally store necessary documents, and digitally conclude necessary agreements with employees. heyData essentially becomes the centrepiece for implementing compliance topics. Companies and organizations can not only protect themselves and strengthen their reputation with various stakeholders but also free up capacity for growth.
Compliance and Risk Management is a strong market area – GDPR certainly isn’t going anywhere anytime soon and privacy concerns continue to dominate the digital space. It’s a market projected to grow at least 14% annually, hitting about €100 billion by 2028.
Currently based in Berlin, the young startup already has clients such as Everdrop, Vytal, Numa and Hive Logistics. The plan is now to expand – growing the team and entering new markets.
Benjamin Patterson, Partner Ten VC: “We are incredibly excited to be invested in heyData. When we first met the team, we were very impressed with their foundation of over 400 customers in multiple countries and how reliable their service is in such a business-critical area as data protection. The products in their pipeline are giving SMBs the opportunity to access solutions with high levels of quality and efficiency that previously only large enterprises were able to afford. We look forward to supporting their vision to become the premier global ‘Compliance-as-a-Service’ platform.”