IU Fund Invests in Indianapolis Environmental Company
The Indiana University Philanthropic Venture Fund has invested $250,000 in Indianapolis-based Encamp Inc. to support its work helping companies meet environmental compliance.
Encamp Chief Executive Officer Luke Jacobs is an IU graduate, as is the company’s lead technical architect, Daniel Smedema. Jacobs says the company helps clients meet environmental guidelines for clean air and water, waste disposal and hazardous material management.
"Our team has engineered a software platform that makes it faster and simpler for businesses to maintain compliance with environmental regulations while minimizing mistakes caused by human error," Jacobs said. "Our mission is to create software for our customers that makes it easier than ever to achieve high levels of corporate environmental responsibility while also reducing the time and money it takes to get there."
The company’s web application guides clients through the data collection process needed for various environmental compliance reports. Jacobs says the investment will be used to scale the company’s customer success, sales and engineering teams.
"We currently serve approximately 130 client companies in the agriculture, energy, logistics and manufacturing industries, with about 1,000 facilities under their management. These aren’t the only industries that have environmental reporting obligations, but we have had great initial traction with them," Jacobs said. "As we grow in 2019 and beyond, we have plans to expand into other sectors."
The new investment allows Encamp to close its seed-funding round with $1.1 million secured. The IU Philanthropic Venture Fund was launched last year and is managed by Indiana University Research and Technology Corporation staff who work with the IU Innovation and Commercialization Office to develop IU-related investment opportunities.