True Office, a company that gamifies regulatory and compliance training, has raised $3 million in Series A financing from investors including Rho Ventures, the Partnership for New York City Fund and Contour Venture Partners.
True Office, the company that gamifies regulatory and compliance training, has secured US$3 million Series A funding from investors including Rho Ventures, the Partnership for New York City Fund and Contour Venture Partners. The investment underlines the growing importance of enterprise gamification and its application in business-critical areas such as regulatory and compliance training.
The funding is the latest milestone in True Office’s dynamic trajectory since it was founded in 2010 and comes straight off the heels of its recognition at the 2012 Fintech Innovation Lab and the appointment of former President and CEO of SunGard, Cristóbal Conde as Executive Chairman. The investment will be used to expand True Office’s current footprint within the financial services sector and to extend its offering into other highly regulated markets including healthcare. To support this, Patrick Wack, Chairman of IntraLinks (NYSE: IL) and Venture Partner at Rho Ventures and David Eisner, former CEO and President of TheMarkets.com will be joining the True Office board.
Commenting on the announcement, True Office Founder and CEO, Adam Sodowick said, “With fines now exceeding the billion dollar mark for compliance oversights, financial institutions are looking to True Office to provide a solution that not only protects their business and reduces costs, but also exponentially raises the current industry standard for compliance training. There aren’t many effective options to help understand regulation and change behaviors but a well-designed game has the power to engage employees and at the same time, produce analytics that can help the banks identify and reduce operational and compliance risk.”
Patrick Wack, newly appointed board member at True Office added, “Companies are spending vast amounts of time and treasure on compliance training. All too often this is with little effect, despite the investment. Applying gamification techniques to compliance training not only creates a significantly more impactful learning experience for the end user, but also produces powerful data to help companies identify areas of risk and reduce costs. We are excited by our investment in True Office and believe in its potential to be a market leader within the financial services sector and beyond.”
Maria Gotsch, President and CEO, Partnership for New York City Fund concluded: “True Office’s own story is turning out to be every bit as compelling as one of its games. We are proud that True Office can offer proof of the transformative effect of the Fintech Innovation Lab program and its ability to connect early stage companies with industry leaders to rapidly accelerate their development. Our decision to invest in True Office is a sign of our commitment to the long-term growth and success of the rising stars within our Fintech program.”
About True Office
The multi-billion dollar mandatory compliance training market has been largely ignored by technological innovation until True Office. True Office Founder and Chief Executive Adam Sodowick started the company in 2010. Based in New York City with offices in Boston, True Office creates data-rich, mobile games that help companies reduce risk and save money, transforming mandatory compliance training into a fun, intelligible and quantifiable experience. Squarely in line with key enterprise trends such as tablet and smartphone usage, enterprise apps and decision analytics, True Office designs and delivers products for a contemporary workforce.
True Office was chosen to participate in the 2012 FinTech Innovation Lab. The program, which is run by the Partnership for New York City Fund and Accenture, supports the development of cutting edge technologies for the financial services industry in New York City under the guidance and mentorship of chief technology officers and other senior executives from 12 of the world’s major financial institutions as well as executives from leading venture capital firms.