Operational management platform startup Certa announced today that it has raised $35 million in new funding to bolster its go-to-market efforts, expand its reach into new high-growth markets and accelerate adoption.
Founded in 2019, Certa, officially Opinr Inc., offers an operational management platform that provides a fully integrated suite of products for third-party lifecycle management. The platform assists companies in managing their business-to-business interactions, including onboarding, due diligence, risk mitigation and monitoring of third-party relationships.
Certa argues that as organizations are increasingly interconnected globally through thousands of suppliers, partners and clients, each relationship adds risks such as data security, privacy and fraud. Thrown into the mix is the need for companies to deal with increasing compliance burdens, such as the recent Uyghur Forced Labor Prevention Act in the U.S., the German Supply Chain Due Diligence Act and Environmental, Social and Governance goals.
To gain a competitive edge, Certa says that companies need to work efficiently, safely and swiftly with third parties. The company claims that existing systems, at best, offer point solutions that are difficult to integrate, struggle to manage interconnected risks and third-party data ends up siloed across multiple systems. That’s where Certa’s platform is aimed.
The platform provides what the company says is a comprehensive and intelligent solution for global third-party management across procurement, compliance, ESG and legal. As noted when it last raised funding in March 2022, Certa’s platform enables companies to manage all the different steps involved in onboarding suppliers through a single interface.
When a company onboards new suppliers, Certa runs an automatic risk assessment to find potential problems, such as issues with the supplier’s cybersecurity posture. Finance and legal teams can use the insights surfaced by Certa to inform their business decisions.
The platform also surfaces issues that emerge after the supplier onboarding process is completed, such as detecting if a cloud provider fails to uphold its service-level agreement with a customer. It includes tools for managing the various business documents involved in a company’s supplier management efforts.
Certa counts among its customers Fortune 500 companies and notable clients such as Box Inc., Instacart Inc., Uber Technologies Inc., Roku Inc., Qantcast Media Inc. and Grubhub Inc.
Fin Capital Management LLC and Vertex Ventures Holdings Pte. Ltd. led the Series B round. Tru Arrow Partners LLC, Point72 Ventures LLC, PT Bank Danamon Investment Management Indonesia, Aglae Ventures LLC, Mantis VC LLC and GOAT Capital Partners also participated in the round.
“Managing third parties is more than just risk and compliance — customers are looking for a full stack solution,” Logan Allin, founder and managing partner of Fin Capital and a new member of the Certa board, said ahead of the news’ release. “With its ability to redefine how businesses work and grow together, it’s an honor to partner with Certa on their journey as both an investor and board member.”
Including the new funding, Certa has raised $50 million to date.
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