VComply
About the Company
VComply is a governance, risk, and compliance (GRC) platform created to help businesses manage risk and compliance obligations. Kariwala founded VComply to improve transparency and accountability in GRC processes, providing a streamlined tool for tracking compliance tasks. Though initially designed for internal use, the product gained traction as a commercial offering when demand emerged unexpectedly. Today, VComply serves a range of industries, especially in North America, and is positioned for further growth.
Idea Behind Company
The inspiration for VComply came from Kariwala's experience at his previous startup, where a compliance oversight led to penalties. Frustrated by this lapse, he decided to build a tool that could automate compliance tracking and ensure accountability across teams. This internal tool proved so effective that he recognized its potential to fill a gap in the broader market. The accidental interest from external businesses highlighted an unmet demand, prompting Kariwala to pursue VComply as a standalone business.
Creating the Company
To create VComply, Kariwala collaborated with his team to develop an MVP that simplified compliance processes, ensuring tasks were completed consistently. Focused on ease of use, the initial product offered a central platform to track and verify compliance activities. The straightforward design, built around core compliance questions, resonated with early users and provided immediate feedback for refinement. This rapid prototyping approach allowed Kariwala to validate the tool's market fit before officially launching.
Launching the Business
The launch of VComply as a business was unplanned, initiated when an inquiry from the City of Boston led to the first customer pilot. Upon seeing the product's potential, Kariwala formalized the business, built a website, and began demonstrating the platform. Following positive customer feedback, he successfully pitched VComply to investors, securing $2.5M in seed funding. This initial traction enabled further development, positioning VComply as a scalable GRC solution with a loyal customer base.
Earnings
VComply quickly scaled to generate $300K annually, driven largely by organic growth and word-of-mouth referrals. SEO and partnerships with compliance organizations have been instrumental in attracting new customers, while investments in content marketing have enhanced visibility. With additional funding and a growing market presence, VComply continues to expand its revenue streams. Plans for international expansion are underway, with projections for increased earnings as the company enters new markets and enhances its marketing efforts.
