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Laika : Raises $10M in Series A Funding

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09/23/2020 | 10:03am EDT

Funding accelerates Laika’s ability to power growth for modern businesses by automating compliance

Laika, an information security and compliance-as-a-service platform, announced today that it raised $10 million in an equity financing round led by Canapi Ventures. Existing investors Bain Capital, NYCA Partners, and Third Prime also participated alongside notable founders, CEOs, and CTOs of Plaid, GLG, Flatiron Health, Shutterstock, and Quovo. Proceeds from this round of financing will be used to expand the Laika team and platform capabilities, and continue the Company’s mission to simplify the compliance and audit process for growing businesses. Laika also announced the addition of Jeffrey Reitman, Partner at Canapi Ventures, to the Board of Directors.

Companies face growing security risks and an expanding regulatory environment as the world embraces digital transformation and software solutions. Lack of compliance creates a barrier to entry and vulnerability to a company-ending incident. Laika is building the future of compliance and audit management through automated workflows featuring subject-matter experts. Laika’s solutions drive demonstrable security and compliance practices into the foundation of growing businesses. Companies can scale confidently by automating workflows in audit preparation, due diligence, vendor management, and more.

Laika founder and Co-CEO Sam Li says, “For successful companies, compliance is a necessary component of doing business from day one. Laika is shifting compliance from a painful time-sink into a growth lever for our partners.”

Jeffrey Reitman, Partner at Canapi Ventures, said, “Given our deep roots in banking and compliance, we’re thrilled to be leading Laika’s Series A. Compliance and 3rd-party oversight are becoming top priorities for technology vendors partnering with banks and large enterprises. Laika’s platform simplifies cumbersome compliance workflows and expedites slow audit processes. As a result, Laika has already become part of the core operating toolkit for businesses establishing internal compliance to help accelerate sales and partnerships with larger enterprises.”

About Laika

Laika helps growing businesses manage compliance, obtain security certifications, and build trust in the marketplace. Today, compliance is non-optional for growth. With Laika's software platform and expert-in-the-loop offering, it has never been easier to implement, maintain, and demonstrate compliance. From control implementation to vendor management, workflows are centralized and automated while Laika's concierge team streamlines audit prep and management through enterprise procurement. Get certified faster, close larger deals, and build scalable security practices that stand the test of any audit.

Laika was founded by Austin Ogilvie and Sam Li, both two-time founders and Y Combinator alumni, and industry veteran, Eva Pittas, who oversaw global risk and compliance functions at Citigroup for 20 years. Learn more at www.heylaika.com.

About Canapi Ventures

Canapi Ventures is a venture capital firm investing in early to growth-stage fintech companies. Our partners have been at the forefront of financial services innovation as operators, investors, bankers, advisors, and regulators. Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners. Canapi Ventures is advised by CenterHarbor Advisors and Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB). For more information, visit www.canapi.com.

© Business Wire 2020

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