ThirdParty Trust, which is based in Chicago, announced it raised new funding to to expand its operations.
The startup announced it has raised $4.45 million in seed funding from Capital Midwest Fund and Cultivation Capital, both leaders of the funding round, according to ChicagoInno, a local startup website. The startup has raised $5.5 million since its 2015 launch.
ThirdParty Trust develops vendor risk assessment and management software. It uses a database of more than 6000 third-party vendors to expedite and simplify a company’s due diligence operations. Clients can use a customize-able dashboard to analyze data on its vendors and scale their responses to enterprise assessments, and communicate with customers.
ThirdParty plans to use the new funding to open offices in NYC and Boston, and grow its sales and marketing staff.