US compliance startup lands $3.6m seed round led by Bettor Capital
Compliable also adds Carl Sottosanti to board and recruits Justin Stempeck as chief strategy officer
Compliable has secured a $3.6m funding round led by Bettor Capital, marking the second seed round in the past year for the compliance software startup, following a $1.7m round led by KB Partners.
The B2B supplier, which also added Bettor Capital fund advisor Carl Sottosanti to its board of directors, will use the funding to further enhance its platform and expand the scope of products and services it provides to operators.
It also allows Compliable to expand its executive team, with former DraftKings director of licensing Justin Stempeck joining as chief strategy officer.
“Following discussions with our customers, prospects, regulators, and industry contacts, it became clear that our solution is timely and necessary, and we realized that expanding our engineering team was essential to keep up with the many feature requests,” said Compliable CEO Chris Oltyan.
“Additionally, with Justin to help navigate the compliance landscape, we’re positioned to grow exponentially in the coming year.”
Launched in 2020, Compliable furnishes operators with a software platform and tools to help streamline the often onerous task of completing, managing, and maintaining gaming licenses across multiple states and jurisdictions.
Its goal is to reduce friction points and associated costs while facilitating smoother transitions for operators into new states at a regulatory level.
“With the ever-growing complexity of licensing in the real-money gaming market, Compliable has quickly become an integral part of how companies process and maintain their regulatory compliance as they enter new markets,” said Bettor Capital CEO David VanEgmond.
Given how drastically the legislative frameworks and regulatory structures can vary by state, compounded by the ramifications of compliance violations – which can range from fines to license forfeitures – Compliable’s services are in demand.
“Compliance must be top-of-mind for all companies entering the complex US online market, and with Compliable’s platform, the employee gaming licensing process is significantly simplified and expedited,” said Sottosanti.
Compliable currently counts online market leader FanDuel and incoming exchange-based startup Sporttrade among its roster of clients.