Pioneering Security Compliance for Startups
Since 2017, UNSW Founders has invested in over 100 startups. Frequently, our founders are at the pre-revenue and pre-product stage, and we are their earliest supporters. Today, these startups have raise over $175 million in capital, create 500+ jobs, and achieve a total enterprise value of $0.67 billion. Behind these impressive numbers are our portfolio companies and 10x Alumni.
Startup: AssuranceLab
Program: 10x All Industries, 2020
Founders: Paul Wenham, Erica Villanueva & Nicholas Lew Ton
How and why was AssuranceLab founded?
AssuranceLab was founded with the mission of providing security compliance for startups, enabling them to grow revenue with security-conscious enterprises. As a former Big 4 manager, I saw a gap in the market for a better way to support the startup segment. Leveraging technology, an innovative delivery model, and modern practices, AssuranceLab was born to streamline the compliance process for startups.
Tell us about your co-founders and what they did before you founded your startup. How did you meet? What roles does everyone play now?
Erika and I began our careers together at PwC. Erika, now a CPA, brings her credentials to our firm as an audit provider. Nick and I met during the MBA program and had previously co-founded another business. Currently, Nick and I serve as co-CEOs; Nick heads our US base in Austin and focuses on growth, while I am based in Sydney and lead the product and innovation efforts.
Tell us about your startup. What is it that you're the best in the world at? What's unique about what you offer your customers/users?
We excel at providing a streamlined path through security compliance by combining systems, processes, and tools. Our innovative approach offers significant efficiency benefits and an enhanced client experience. Employing the concept of "loose coupling," we ensure that various elements work seamlessly together, providing flexibility for different client needs and cutting through the complexities of compliance.
Visit Assurancelab’s website to learn more: https://www.assurancelab.cpa/
What were some of the biggest challenges you faced in the initial stages of your startup?
Our biggest challenge was standing out in an industry that most people find hard to understand. Being different seemed risky to many potential clients, and it was challenging to cut through the market noise to position why our approach was superior.
What has been the biggest win you've had as a startup so far?
One of our biggest wins was the launch of AI-powered audits, which have been game-changing for our industry. However, our most significant market success came with our U.S. launch in August 2023. By December, we had already reached over 200 active U.S. clients, a testament to our growing impact and value.
What is your long-term vision for your company?
Our vision is to see the world's technology thriving with trust at its core. By wrapping compliance in security, privacy, ESG, and responsible AI, we aim to build trust around technology, ensuring it thrives while protecting the public interest.
How has the UNSW Founders program contributed to your startup's success?
The UNSW Founders program was pivotal for us. Completing the pre-X and 10X accelerator programs marked a significant turning point. During the program, we hired our first two employees and secured over $600k in revenue in just 10 weeks. The clarity of focus, community support, and accountability provided by the program helped shape us into a high-performing company that continues to excel.
What advice would you give to students or aspiring entrepreneurs who want to start their own business?
Find something you truly want to live and breathe. Great ideas, skills, contacts, or funding won't count for much if you're not prepared to put in the hard work necessary to see your vision through.
What are the next big steps or goals for your company in the coming year?
Having successfully launched in the U.S. in August '23 and EMEA in February '24, and after revamping and strengthening our systems, processes, and tools for hyper-scaling, our next goal is to accelerate our impact. We aim to grow from serving 450+ clients to reaching thousands of companies globally, helping them build trust and grow with security compliance.
How can you aid startups in the UNSW Founders community?
We offer exclusive deals for the Founders community. Many startups will need SOC 2, ISO 27001, and other compliance services we provide to unlock their enterprise growth. We resell and package the leading compliance automation platforms, Vanta and Drata, making us the go-to provider for any compliance needs. We aim to help all founders focus more on growth and less on compliance.