Mequon’s Capital Midwest Fund, a venture capital firm that invests in startups focused on advanced manufacturing, technology platforms for business-to-business use, and health care tech, has led a $4.45 million round of funding for ThirdPartyTrust, a Chicago company that developed a vendor risk assessment and management software.
ThirdPartyTrust uses its digital database of more than 6,000 third-party vendors to speed up and simplify a company’s due diligence process. The platform 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. The company has so far raised $5.5 million since launching in 2015.
Joining Capital Midwest in the round of funding was St. Louis-based venture capital firm Cultivation Capital.
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