The investment came from Dutch-based Mamadoo Ventures , an informal investor specialising in growing B2B SaaS startups.
The European integrated risk management platform
3rdRisk believes the technology and methods used to handle third parties and compliance requirements are frequently ad hoc, standalone, labour-intensive, and based on pricey Governance, Risk & Compliance (GRC) solutions.
The 3rdRisk team has developed a third-party management tool where risk teams can cooperate and handle all of their activities in an integrated way with the goal of assisting organisations of all sizes in working together in a safe and legal manner.
Launched in 2021 by Bram Ketting and Rick Sollet, 3rdRisk enables businesses to handle third-party risks in an integrated manner, ranging from cyber, sustainability, and modern slavery to continuity risks.
Bram Ketting says, “From business, audit, risk to compliance teams, nobody likes working with traditional Third-Party Risk Management or GRC solutions. They are not user-friendly, the implementation takes a long time and the costs are sky-high. In addition, the market is dominated by American companies. We want to be the better and more attractive European alternative.”
Risks are gathered by the platform using a variety of data sources. Among them are environmental metrics, news sources, cybersecurity ratings, and evaluations of due investigation. This information has been compiled in a clever manner. This is not only practical but crucial as laws governing ethical and responsible supply networks get stricter.
The platform is used within the Benelux by some of the largest retailers and financial service providers to manage internal and third-party risk in an integrated manner.
3rdRisk says it will use the funds to develop its multidisciplinary risk management platform and accelerate international growth.
The funding will also allow the company to accelerate its expansion outside of the Benelux and grow the platform, creating a network where businesses can share the outcomes of their due diligence efforts with one another and save time and money in the process.
Bram Ketting says, “With Mamadoo Ventures, we bring on board a reputable party with a lot of experience in growing B2B SaaS startups internationally. In addition, I see it as added value that they are also willing to help us hands-on with the expansion of our company where necessary.”
About Mamadoo Ventures
Mamadoo Ventures is an investment firm founded by entrepreneurs Hans Snel and Ruud Kroon. It is a hands-on, informal financier that wants to help businesses in accelerating their development.
The firm believes in backing businesses that can create a profitable business strategy by combining a service, a solution, and a contract. Whenever it makes an investment, Mamadoo Ventures takes a small stake in order to keep business owners completely involved.
Mamadoo claims to have been effective in accelerating the development of several businesses. For instance, SecureLink grew into Europe’s top provider of internet protection thanks to Mamadoo Ventures. The firm has invested in a number of businesses, including MrWork and Dealsuite.
On investing in 3rdRisk, Hans Snel, partner of Mamadoo Ventures, says, “Due to the increasing risks of relationships with third parties and the associated laws and regulations, a solution such as 3rdRisk is indispensable to be “in control”.”
“We have reviewed many early initiatives and associated business plans and have rarely hit such a good business case, platform and team. The rapid acceptance of the 3rdRisk solution by many large internationally operating companies is proof of this. Accelerating growth and further internationalisation together with selected partners will put 3rdRisk further on the map,” adds Snel.