Malbek, a cloud-based provider of contract lifecycle management software in Somerset, announced on Tuesday it has closed $3 million in funding led by venture capital firm Osage Venture Partners.
Malbek said it targets gaps in the market, such as the lack of an effective CLM solution, to offer next-generation contract management.
“The Malbek solution solves the real-world contract management problems of organizations of all sizes,” Nate Lentz, managing partner at Philadephia-based 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.”
With the funding, Malbek said it plans to invest in its products, including AI and advanced technologies; sales and marketing; and the customer experience.
“It’s a true honor to be part of the Osage Venture Partners family,” Hemanth Puttaswamy, co-founder and CEO of Malbek, said. “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.”
Malbek, unlike many startup companies, is thriving amid the COVID-19 pandemic, saying its solution is needed more now than ever.
“Due to its ease of use, configurability, and self-service capabilities we were able to successfully configure and implement the Malbek solution for our global organization all in record time,” Rafael Carmona, senior vice president, global licensing at TIBCO Software, said. “The Malbek solution, which is tightly integrated with our CRM, helps us increase our digital transformation across departments with end-to-end contract management. TIBCO can now more easily meet our own customers’ rigorous demands for faster contracting.”
