Case Study

How A Winning Financial Model Helped RegScale Raise A $20M Series A


RegScale brings real-time automation, compliance, and insights into highly regulated industries ready to move past manual, time-intensive processes. RegScale grew quickly, raising $20M in Series A funding less than a year after launching with Zeni.

Key Results

Series A raised with Zeni's support
Custom reports to build RegScale's financial model
Platforms and systems consolidated
“We're super excited to put our new capital to work, and am thankful for Zeni’s help in building the financial model that underpinned the race.” - Anil Karmel, Co-Founder & CEO, RegScale


Bringing Automation To Archaic Industries 

RegScale co-founders Anil Karmel and Travis Howerton originally started C2 Labs together to bring continuous compliant solutions to highly regulated public and private sector organizations. But in late 2021, Anil and Travis took this idea to the next level and spun C2 Labs’ Research and Development division and its first software product, Atlasity, out into a standalone company. 

The new startup grew quickly from the get-go. It came out of the gate with +5,000 downloads of its freemium edition and five major customers for its “Enterprise Edition” platform, including the U.S. Air Force and the U.S. Department of Homeland Security.

Since then, RegScale scaled quickly to solve the most difficult and complex compliance problems facing companies, from small businesses to large-scale multinational corporations and government agencies. Their mission is to rid companies of bottlenecks from manual, time-consuming, and costly compliance processes.  

“I have real-time visibility and continuous transparency into our overall financial picture of where things stand, as well as the ability to output audit-ready documentation on demand. Zeni’s mission is foundationally aligned with our own from a compliance standpoint and stands apart from all other vendors in the industry focused on serving startups like us.” - Anil Karmel, Co-Founder & CEO, RegScale

The Challenge

A Strategic Finance Partner And Real-Time KPI Visibility

RegScale came to Zeni as a brand-new company with a clean set of books. Anil and Travis knew they needed to have their finances dialed so they could scale quickly.

Like many startups, the Co-founder/CEO was managing the finances while trying to run the business. But with their lean early-stage team, hiring an in-house finance team was out of scope.

They needed a strong partner and financial operations platform to:

  • Unify their finance data
  • Replace messy spreadsheets
  • Create accurate financial reports on demand
  • Give them daily accounting and bookkeeping support
“Having a partner I can rely on – that I can simply turn to and have answers at the click of a button or a phone call away – gives me peace of mind as a business leader and owner that our financial obligations are being continuously met.” - Anil Karmel, Co-Founder & CEO, Regscale

The Solution

Taking Action With Fractional CFO Services

Zeni moved quickly to meet RegScale's desired pace for growth, including a swift, seamless onboarding process.

On their Zeni Dashboard, RegScale could:

  • View all previously fragmented financial data in one place
  • Access real-time financial insights
  • Build and access reports on demand

To grow quickly to meet the demands of the cybersecurity industry, they opted for Zeni's fractional CFO services.

As their dedicated strategic finance partner, Zeni took their data and built a new set of financial operations processes so that RegScale could attract and impress investors.

This included:

  • Building advanced financial projections and models
  • Deep analysis of financial reports
  • Board slides and pitch decks from the financial reports
  • Optimizing the company's cash flow through AR & AP processes
“Numbers tell a story, and the right numbers help you as a business see where the problems are, and what decisions you need to make to fix them. And that's something that real-time visibility and financial modeling provides a business like us." - Anil Karmel, Co-Founder & CEO, Regscale

The Impact

A Winning Financial Model Attracts Investors

  1. Lightning Speed Fundraising – RegScale raised $20M in Series A funding within six months of working with Zeni and with the help of a strong financial model.
  2. Real-time Financial Visibility – No other vendor gave RegScale a real-time picture of their entire financial operations to easily communicate where their finances stood to investors.
  3. Consolidated Data – RegScale combined their financial data into a single dashboard view, making it easier to create a meaningful financial model.
  4. Peace Of Mind – RegScale found a trustworthy, responsive finance partner who ensured they always met their financial obligations.
  5. From Reactive To Proactive – They started making better decisions faster. With accurate, transparent finance data, they tackled problems before they happened.

You too can build a winning financial model and get the real-time visibility you need to grow. Talk with a financial advisor here.

Tysons, Virginia
Series A
Anil Karmel (CEO) & Travis Howerton (CTO) 
Business Model
Continuous Compliance software and services
Zeni Customer Since
Total Funding
$21.5M - Series A and Seed