I am pleased to announce Fieldguide’s $17M Series A financing, led by 8VC and participated by Floodgate and other strategic angels. This is a big milestone on our journey to increase trust in commerce and capital markets that was made possible by our ambitious Fieldguide team, visionary customers, and amazing investors.
We were fortunate to have many great investors interested in seeing us achieve our vision, to enable the proliferation of industry standards so commerce and capital markets can thrive with trust, and 8VC and Floodgate demonstrated the strongest alignment in our company-building philosophies. We are so excited to have assembled the right team to realize our ambitious vision. This new funding enables us to continue building a world-class organization of the industry’s best technologists, expand product offerings across more types of audit and consulting projects, and ramp up our go-to-market initiatives.
The assurance and advisory space is long overdue for modern technology solutions. Our technology delivers mission-critical leverage that ensures that auditors and consultants – whom we affectionately call ‘trust practitioners’ – have the superpowers necessary to meet rapidly growing demand for risk and compliance services. Our team is on a mission to increase trust in commerce and capital markets and with this new funding we are ready to scale this movement across the assurance and advisory industry.
The problem & Fieldguide’s solution
When I was a practitioner, I yearned for a platform like Fieldguide to both automate the manual aspects of my job and enhance collaboration with clients and teammates. There are many workflow pains involved in a complex audit or consulting project that are caused by having a disparate set of on-prem and cloud products. Fieldguide is different than legacy products in that we digitize the end-to-end project workflow on one platform and we’ve been built cloud-first from day one, meaning we are able to deliver a truly “change it once, change it everywhere” experience. Practitioners’ eyes light up with excitement when they see our platform. It’s not surprising that practitioners want to spend less time on manual work and more time advising clients through complex risk matters.
Today, many risk practices are faced with a good problem: Too much demand for modern services across frameworks and risk domains, paired with a capacity crunch driven by the worsening industry-wide talent shortage. Fieldguide was built to solve this capacity crunch by equipping firms to meet demand with a platform that brings visibility, automation, and collaboration to risk engagements. Fieldguide is already driving 35%-50% of hours saved on every engagement – and we are just getting started.
Trust & transparency are trending
I believe that societal leadership is core to enabling a more trusting, equitable, and sustainable future, and we are already seeing many kernels of this development. People and businesses care about a growing number of risk categories and are choosing to do business with those who align with their values. Moreover, risk management and reporting are becoming a board-level topic, and leaders are increasingly held accountable for minimizing not only financial risk but all types of risk like cybersecurity and environmental.
In fact, already 88 percent of institutional investors subject ESG (Environmental, Social, Governance) to the same scrutiny as operational and financial considerations.
Given this trend, risk and compliance services will continue to be in high demand as businesses look to third-party assessors and consultants to provide credible information that builds trust in the security of their systems and to comply with new security mandates.
Where we are headed and how to join the movement
My co-founder (Chris Szymansky) and I set out to create a platform to empower the assurance and advisory industry with a modern, streamlined tool. Almost immediately, we found that practices servicing complex cybersecurity, ESG, and other risk assessments were looking for a platform like Fieldguide that was built for their specific needs.
We believe that risk advisory services are the next growth engine for the profession, and our Series A validates our team’s hard work in making Fieldguide the industry’s only end-to-end automation and collaboration platform purpose-built for assurance and advisory firms’ risk and compliance projects. Post-series A, we will invest heavily in scaling our product and go-to-market teams to rapidly expand across the assurance and advisory market with our category-defining platform for trust practitioners.
I want to thank our customers, team, and investors, for seeing the enormous opportunity for us to fundamentally impact the assurance and advisory profession and enable a more trusting, equitable, and sustainable future.
Forward-looking practice leaders: If you want to grow faster and more profitably, while ensuring that your team members are happy doing their work, request your demo today.
Talented people: If your ambitions align with our mission – we look forward to meeting you at https://www.fieldguide.io/careers.