A Buffalo startup offering a payments solution in the private capital space has raised $1 million as part of a seed extension round and has now brought in nearly $4 million in investment over the past three years.
Verivend reached its latest investment goal with the help of $125,000 from Launch NY’s Investor Network.
It was the featured deal on the Investor Network in January. Next up for investment opportunity through the Launch NY network will be Dimien, a Buffalo-based battery technology firm.
Verivend won a $500,000 prize in the 43North finals in 2021 – the year the fin-tech startup raised $2.5 million – and is the latest 43North company to raise money on Launch NY’s Investor Network.
Launch NY also invested $50,000 from its nonprofit Seed Fund into Verivend’s seed extension round and previously it invested $100,000 in the company through its nonprofit Seed Fund and for-profit Limited Partner Fund I.
“The Investor Network was a seamless and smooth experience that allowed us to get in front of great startup investors, move quickly through due diligence and ultimately meet our goal for the seed extension round,” said Verivend CEO Rodney Reisdorf. “We know exactly how we need to grow, and now we have the investment capital to get us there.”
Verivend has developed a payments platform built to move private capital, providing a secure environment for firms, funds and limited partnerships to complete investment transactions. The company was founded in 2019 by Reisdorf, as well as Chief Technology Officer Jonathan Ebel and G. Aaron Santarosa.
It has grown quickly over the past several quarters. Verivend now has about 100 customers that include investment funds and sponsors. The company boasts a 100% customer renewal rate. The company raised the seed extension round to invest in its marketing and sales infrastructure.
Launch NY’s Investor Network is a syndicate of more than 300 investors who gain exclusive access to…
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