Toronto-based IGM Technology, the company behind cloud-based regulatory reporting platform Gravity, has received an undisclosed strategic investment from New York City-based growth equity firm Lead Edge Capital.
Governments and enterprises use Gravity to comply with regulatory requirements.
The investment will see IGM join the portfolio of the $5-billion growth equity firm that has invested in many notable software, internet, and tech-enabled businesses from around the world. These include e-commerce giants Alibaba and Shopify, TikTok parent company ByteDance, ridesharing app Uber, and Ottawa-based supply chain management firm Kinaxis, among many others.
Lead Edge said IGM has “experienced significant revenue growth” and that the funding is IGM’s first institutional capital raise. The firm added that the capital will go towards IGM’s product and operations, with IGM CEO Isaac Gleicher adding that the company will redouble its team and product investments to support its growing customer base. BetaKit has reached out to Lead Edge for further details on the deal.
RELATED: Government software provider Clariti Cloud secures $24.6 million CAD from Vistara Growth
“IGM is addressing a critical and underserved market where thousands of government agencies and organizations with complex reporting requirements are currently using in-house or manual processes,” Lead Edge Capital partner Dan Lynn said in a statement. “IGM is the leading provider of software that automates the disclosure, budgeting and reconciliation processes and is exceptionally well positioned to meet the needs of these organizations.”
Founded in 2014, IGM’s cloud-based platform, Gravity, aims to help governments and enterprises to comply with regulatory reporting and transparency requirements. Gravity assists with compiling budgets, annual financial reports, reconciliations, and other financial reporting processes through process automation and integrations.
Lead Edge says it sets itself apart by leveraging its investor base of more than 700 executives, entrepreneurs, and dealmakers to connect portfolio companies with the customers, partners, talent, and advisors needed to accelerate their growth.
Feature image by Lukas Blazek on Unsplash.