Hanzo, a company that helps e-discovery and corporate compliance teams preserve and manage data from enterprise collaboration applications and complex websites, said today that it has secured a $10.5 million investment from Recurring Capital Partners.
The company said that it plans to invest significantly in product development to expand and enhance its e-discovery and compliance platform. It also will invest in building up its sales, marketing and support operations.
Founded in 2009, and with offices in both the U.S. and the U.K., the company’s technology enables inhouse legal and compliance teams to capture and preserve dynamic data from the web, social media, and collaboration apps such as Slack and Google Workspace.
Last month, Hanzo announced a new CEO, Julien Masanès, who was formerly CEO, until 2018, of the web-archiving company Internet Memory Research and the Internet Memory Foundation.
“We were looking for a financing partner experienced with supporting the unique needs of SaaS enterprises and the flexibility to provide structured capital that aligns to our growing needs as we scale the company,” Masanès said. “Recurring Capital checked all the boxes.”
“Hanzo is an exciting company in the unstructured data management space known for its history of innovation and delighting customers by making the complex simple,” said Brian Henley, managing partner at Recurring Capital Partners. “We are delighted to partner with the Hanzo team and supply them with growth capital to accelerate and scale their product and market initiatives.”
Recurring Capital specializes in growth capital for SaaS and other recurring revenue model technology-driven companies. This is its first investment in a legal technology company.