Whistleblower Software, a legal tech startup based in Denmark, has secured $3 million in seed funding for its platform. Silicon Valley executive Morten Brogger and UK-based venture capital firm West Hill Capital, which previously supported the Danish nanotech company ATLANT 3D, participated in the financing round.
Just 18 months after the company’s founding, investment has been made to expand the whistleblower platform. Notably, with this financing, Whistleblower Software hopes to reach new markets.
“Securing this deal closed at a time when others are finding it difficult to do so without lowering valuations is a huge lift for our organization. It makes sure that everyone is prepared for the forthcoming growth phases and ready to enter new markets, according to Whistleblower Software’s founder and CEO, Jakob Lilholm.
Along with the investment, Silicon Valley executive Morten Brogger and the CEO of an IT consulting firm, Brian Jeppesen, have joined the board of directors of Whistleblower Software. Brogger is an authority in secure and compliant B2B SaaS products because he was the previous CEO of Wire, a secure communications platform utilized by several G7 nations.
“There is little to no tolerance for failure in a legal technology business since you must adhere to strict compliance requirements to attract and keep both new and existing consumers. Whistleblower Software has already demonstrated its capacity to do this while also creating a cost-effective and user-friendly product in a sector that will continue to expand in the years to come. I’m eager to work with Whistleblower Software and contribute to its continued expansion, stated Morten Brogger.
Employees can now report any wrongdoing like fraud, bribery, or sexism within a firm without fear according to new EU regulations that require businesses with more than 50 employees to address staff complaints anonymously and through a third-party platform.
Magnus Boye, Kristoffer Abell, and Jakob Lilholm founded Whistleblower Software in Aarhus, Denmark, in 2021. The company provides a B2B SaaS platform for companies to use to comply with the new whistleblower regulations mandated by the EU, which state that businesses with more than 50 employees must handle staff complaints anonymously and through a third-party platform, and makes it safe for employees to report wrongdoings like a fraud.
By collaborating with consulting companies like PwC, DLA Piper, and BDO that offer platform licenses to the businesses they counsel on whistleblower issues, Whistleblower Software distinguishes itself from its rivals. Before January 2024, 400.000 organizations in Europe must implement a whistleblower solution. More than 1 million employees in 80 countries can currently utilize the platform.
Image Credit: Whistleblower Software
