True Office Wins $3M Series A Round with Games for Compliance Training
New York’s True Office, which makes cloud-based games for compliance and regulatory training, said in a statement Thursday it landed $3 million in a Series A round that includes participation from Contour Venture Partners, Rho Ventures, and the Partnership for New York City Fund.
True Office develops games—available through mobile devices and Web browsers—that other companies use for compliance training. The idea is to make training more interactive and participatory than sitting through lengthy, mandatory seminars on such topics as company policies regarding confidentiality and sexual harassment.
Founded in 2010, True Office got its start in Boston, and still maintains offices there, before relocating its headquarters to New York. The company graduated in 2012 from the FinTech Innovation Lab mentorship program. Last summer, True Office said it wanted to raise $5 million by the end of 2012.
The company plans to use the Series A funding to grow its presence in financial services as well as expand into other sectors such as health care. Patrick Wack, venture partner with Rho Ventures, and David Eisner, former CEO of TheMarkets.com, are joining True Office’s board in conjunction with the investment.