A compliance startup that helps early-stage companies close deals with incumbents just raised a $10 million Series A from Canapi Ventures, Bain Capital, and NYCA
Summary
The deal isnt done until due diligence is completed, and that process can take several months to work through.See more: JPMorgan and Goldman Sachs are finally beginning to embrace fintech startups. Heres how they test the waters before committing to working with them.Laika, a compliance-as-a-service platform, was founded to help startups navigate the complex and time-consuming process of due diligence. It was always an afterthought after the sale was in process and after the bank required them to fill out long due diligence questionnaires," Jeffrey Reitman, partner at Canapi Ventures, told Business Insider. "Its very rare that you get a team with this much diversity of expertise coming together to build a company," Reitman said.As for the investor leading the round, Canapi Ventures is backed by 11 of the 50 largest US banks, in addition to trade groups like the American Bankers Association. It also offers ongoing support for recurring compliance requirements.For the startups, being prepared to manage the due diligence process means closing a sale sooner and ensuring that enterprise clients take them seriously.