A powerful cloud-based automation and collaboration platform that streamlines and simplifies complex audit and consulting projects
Today, Fieldguide, an automation and collaboration platform built to empower audit and advisory firms with the industry’s only end-to-end cloud-native experience designed for complex cybersecurity, ESG (Environmental, Social, Governance), and other risk assessments, has announced they have raised a $17 million Series A at a $100 million valuation. The round was led by 8VC with add-on funding by Floodgate, AICPA/CPA.com, and other strategic angels, bringing the company’s total funding to $20 million.
The heightened risk environment has driven a massive increase in demand for risk and compliance services as businesses try to build trust in the security of their systems and comply with new security mandates. Legacy software for audit and advisory firms falls short of today’s needs, as their technology is disjointed, rigid, and unable to adapt and innovate quickly enough to the needs of modern firms. Venture capital funds have been investing heavily into cybersecurity, privacy, and ESG, and Fieldguide’s investors believe that auditors and consultants – which together make up a $500 billion market globally – need modern technologies, too.
“As a former practitioner at a top global firm, I’ve always wanted a platform like Fieldguide to simplify and modernize complex risk and compliance projects. Our team at Fieldguide is dedicated to advancing the audit and advisory profession–who serves a noble purpose in ensuring commerce and capital markets run with trust,” said Fieldguide CEO and Co-founder Jin Chang.
“Fieldguide’s practitioner-centric approach enables our Withum team to focus on what matters most–providing clients with tailored advice and exceptional service. To keep pace with demand and modern client expectations, our industry must rethink strategies for practitioner capacity, client collaboration, and talent development,” said Withum Partner Tony Chapman. “Fieldguide has allowed us to deliver a market-leading experience to both current and new clients.”
“8VC has a long history of building billion-dollar companies by specifically looking for inefficiencies and archaic ways things are done in a sector, researching how technology and innovation can resolve these problems, and backing brilliant and dedicated teams who can bring entire industries into the modern era. I have complete confidence in Jin’s proven expertise in the field as well as his leadership abilities and have been deeply impressed with his clarity in designing solutions to massive problems; I was proud to be the earliest backer of his company. As we watch the risk and compliance landscape change so dramatically, what Jin and his team are doing in the auditing and advisory space is revolutionary,” said 8VC Partner Alex Moore.
Fieldguide is trusted by top audit and advisory firms, including nationally ranked CPA firms like CLA, Withum, Warren Averett, and dozens more in the top 200. The company plans to invest this new funding to quadruple their team in 2022, expand their product offerings across more types of audit and consulting projects, and scale the company’s go-to-market initiatives. Fieldguide is based in San Francisco and half the team works remotely across the U.S.