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Accenture Backs InCountry in $18M Round

September 7, 2020

InCountry secured $18 million in additional funding led by Caffeinated Capital and Mubadala Investment Company’s financial investment arm Mubadala Capital, with participation from new investor Accenture Ventures and existing investors Arbor Ventures, Felicis, Ridge Ventures, Bloomberg Beta, and Team Builder Ventures. With this round, InCountry has raised $39 million in total capital. The new funds will be used for global expansion as the immediate need to store data locally to comply with country-specific and regional data residency regulations surge across the world.

“We’ve always been dedicated to partnering with exceptional entrepreneurs,” said Raymond Tonsing, Founder and Managing Partner at Caffeinated Capital. “We’re once again backing InCountry because we stand behind the team’s leadership and expertise. It’s only been a little over a year since InCountry launched, yet they’ve already filled a deep need in the data regulation space.”

The global pandemic has prompted companies to lean on digital transformation and look to new regions to conduct business. According to CIO.com, there was a 25% increase in SaaS investment in the Middle East in January 2020 alone. However, companies are getting blocked from operating in these regions entirely due to failure to comply with local data regulations as countries like Vietnam and the UAE adopt their own specific data laws to keep up with business expansion, such as the Dubai International Financial Centre Data Protection Law.

Simultaneously, the Court of Justice of the European Union (CJEU) abandoned the EU-US Privacy Shield on July 16th. Established in 2016, the framework enabled businesses to transfer personal data between the European Union and the United States while ensuring compliance with data protection regulations. Now, more than 5,000 companies that utilized the frameworked will have to reevaluate the value of their international business operations, recognizing that a lack of compliance can result in fines up to 4% of a company’s revenue.

Global SaaS, Local Data

By providing an easy-to-use software integration platform, InCountry allows companies to keep sensitive and regulated data within a country’s borders to avoid any risk of sanctions, potential lawsuits, or removal from countries entirely. This allows companies to adopt best-of-class global SaaS solutions without worrying about local regulations. InCountry’s solutions are typically used by financial services, healthcare, and other companies in highly regulated industries.

“At Mubadala we are committed to backing visionary founders whose innovations fuel economies,” said Ibrahim Ajami, Head of Ventures at Mubadala Capital. “Since day one, InCountry’s cloud solution has addressed a massive challenge in this era of regulation by giving businesses the tools to grow internationally while remaining compliant with data residency regulations. We’re doubling down on our investment and are supporting InCountry’s expansion into the MENA region because we believe they are the best team to help drive global business forward.”

InCountry’s solution is validated through successful SaaS partnerships with Salesforce, ServiceNow, Twilio, Mambu, Segment, amongst others, enabling their customers to remain compliant with internal and external policies. Customers include stock exchanges, banks, and pharmaceutical companies. In the past year, InCountry has expanded its team and opened regional offices in Abu Dhabi, Minsk, Sydney, and Singapore. Already running data hosting and processing facilities in over 90 countries, InCountry has demonstrated its commitment to providing the most comprehensive solution on the cloud.

“The pandemic has accelerated the move to cloud globally,” says Peter Yared, CEO and founder of InCountry. “It’s more important than ever for businesses to offer online access to their services using best of breed SaaS solutions, without being blocked from using SaaS due to country-specific data restrictions. We’re seeing an immediate need in various regions throughout the globe, and will use our new funds to accelerate services that support these rapidly growing markets.”

“Accenture Ventures is pleased to support InCountry as it continues to expand globally,” said Tom Lounibos, Managing Director, Accenture Ventures. “InCountry’s software solutions are helping companies address the critical issue of becoming and remaining compliant with a multitude of data residency laws. This expansion will help support enterprises as they unlock their business across borders.”

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