Somerset-based Malbek, a cloud-based provider of modern contract lifecycle management (CLM) software, said Tuesday it closed $3 million in funding led by Philadelphia-area venture capital firm, Osage Venture Partners.
With the additional capital, Malbek plans to continue to invest in product innovation, including AI and advanced technologies; grow sales and marketing to reach an even larger market, and invest in the customer experience team to meet the growing needs of its customer base.
In a very short period, Malbek has proven itself as a trusted contract management solution provider for large, international customers across multiple industries, growing monthly revenue six-fold year over year in April 2020.
“The Malbek solution solves the real-world contract management problems of organizations of all sizes,” says Nate Lentz, managing partner at Osage Venture Partners. “One of the things that attracted us to them was how the Malbek team has evolved the company in such a short time through amazing partnerships and strong customer relationships.”
“It’s a true honor to be part of the Osage Venture Partners family,” says Hemanth Puttaswamy, co-founder and CEO of Malbek. “The emphasis they place on collaborative company culture resonated profoundly with us. We have been a very disciplined team, innovating at a breakneck pace and signing numerous customers in the last few months alone. This capital will help us accelerate to the next level of growth.”