After two different rounds of investment and nearly 18 months of development the team at Gain Compliance used Monday afternoon as an opportunity to showcase what they’ve been working on.
Gain Compliance was founded in August of 2016 after Burch LaPrade got the entrepreneurial itch while working at Workiva in Ames. He would leave Workiva in May of 2016 and was joined by Jason Jones and Steve Siegel, who also worked at Workiva before Gain Compliance.
The trio developed a platform to improve efficiency and accuracy for insurance carriers who are tasked with regulatory compliance reporting. A crowd of nearly 30 people made up of investors, Insurtech founders and community members were at the Gain Compliance offices in downtown Des Moines for a demo of the product as well as a Q&A with a customer. day.
LaPrade told Clay & Milk before the demo day that as they developed their product, there was more of a “heads down” approach.
“We are no longer in that stage,” he says. “We are showing to the world what we do…Increasingly.”
LaPrade said Gain Compliance will have a bigger product launch later this year at the Insurance Accountants Systems Association conference in June.
Since launching in 2016, Gain Compliance has raised over $2.5 million—according to Crunchbase.
“It’s been good,” LaPrade says. “It’s a startup so it’s never completely smooth sailing. But having been through a few of these before I would say a combination of good fortune and also being in the right place. We are making software for insurance companies, in an insurance town.”
And it’s the people within the Des Moines community that he contributes to the success of the company.
“The pilot customers we’ve had have been generous with their time,” LaPrade says. “We’ve built really good software because of that collaboration.”
FIN Capital invests in Gain Compliance – June 6, 2017
Burch LaPrade: There’s work to do before a business starts – Jan. 24, 2017