ThirdPartyTrust, a network-based third-party risk management platform that allows enterprises and third-parties to simplify third-party risk processes, today announced a $4.45M seed round led by Capital Midwest Fund, a Milwaukee-based venture capital firm and Cultivation Capital, a St. Louis-based venture capital firm. ThirdPartyTrust has raised $5.55M in funding to date.
The funding comes on the heels of a period of significant growth for ThirdPartyTrust. Over the past 12 months, ThirdPartyTrust has increased revenue three-fold, doubled the number of enterprises it supports, engaged a number of significant go to market partners and increased third-parties by 120% to over the last 12-months.
ThirdPartyTrust will use the new round of funding to open offices in New York and Boston, continue to deepen channel relationships and ramp up the sales and marketing teams.
ThirdPartyTrust provides a platform that supports the needs of enterprises and their third-parties during the assessment (due diligence) process:
For enterprises: ThirdPartyTrust allows enterprises to streamline processes and ultimately cut down the redundancies and inefficiencies involved in third-party risk assessments. Enterprises can leverage the over 6000+ third-parties already on our platform to expedite their risk assessments.
For third-parties: ThirdPartyTrust offers an easy way for third-parties to respond to multiple enterprise assessments more quickly to fulfill gaps in their information security policies. Third-parties can also scale their response processes by sharing their security profile over and over, again.
“Capital Midwest is thrilled to support ThirdPartyTrust’s vision of redefining third-party risk management. 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.”Eli Blee-Goldman, General Partner at Capital Midwest Fund
About Capital Midwest Fund
Capital Midwest Fund (CMF) invests in revenue-stage Central United States companies providing customer-centric, problem-solving, business-to-business technology solutions, including software, services, and products, with specific emphasis on industrial, manufacturing, and healthcare markets.
About Cultivation Capital
Cultivation Capital is a venture firm focused on investing in technology and life sciences companies whose ideas have the potential to transform the way we live and work. They partner with entrepreneurs who have the potential to build some of the world’s most successful startups. They actively invest out of a variety of funds, and support and invest in multiple business development programs focusing on areas like financial technology, agriculture technology, cyber security technology, and women-led companies.
Media Contact: Josh Basinger Josh@thirdpartytrust.com 847.668.5181