ThirdPartyTrust, a Chicago company that develops a vendor risk assessment and management software, has raised a $4.45 million seed round to expand its business into other markets.
ThirdPartyTrust uses its digital database of more than 6,000 third-party vendors to speed up and simplify a company's due diligence process. A customizable dashboard allows enterprises to analyze data on vendors and assign vendors custom requirements, including insurances, attestations and questionnaires. It also allows vendors to scale their responses to multiple enterprise assessments and message back and forth with customers.
ThirdPartyTrust plans to use the funds to open offices in New York and Boston and add to its sales and marketing staff, according to an announcement from the company, which has raised $5.5 million since launching in 2015.
Mequon, Wis.-based Capital Midwest Fund and St. Louis-based venture capital firm Cultivation Capital led the round of funding.
Over the past 12 months, ThirdPartyTrust has tripled its revenue, doubled its enterprises clientele and increased third-party users by 120%, the company said.
"Capital Midwest is thrilled to support ThirdPartyTrust's vision of redefining third-party risk management," said Eli Blee-Goldman, general partner at Capital Midwest Fund, in a statement. "We believe the platform has broad applicability to standardize the qualification process between enterprises and third-parties. We look forward to ThirdPartyTrust's growth through this seed round with our co-investor Cultivation Capital."
A year after launching, ThirdPartyTrust was selected by Wisconsin's gener8tor for its 12-week accelerator in Milwaukee, which included an investment from gener8tor’s venture fund.
