Due Diligence During Covid-19: How Osage Venture Partners Vetted its Latest $3M Investment Remotely
After spending 15 years investing in early-stage software companies, Bala Cynwyd-based Osage Venture Partners just recorded a first. Its $3 million investment into contract management software company Malbek, announced Tuesday morning, marked the first time the firm completed its due diligence process during a global pandemic.
The shift took hours and hours of Zoom meetings and extensive reference checking, Managing Partner Nate Lentz said, but left the firm confident its capital is in good hands.
“It’s just been a great process,” he said. “The more we’ve gotten to know them and the business, the more impressed we’ve been.”
Malbek’s three founders are split between the East Coast and West Coast, with Hemanth Puttaswamy and Madhu Poolu based in the Bay Area and Matt Patel based near Princeton. Malbek’s cloud-based software is designed to help companies simplify how they manage, analyze and execute contracts. Its features enable users to choose clauses from their clause library based on how different versions have performed in past contracts, for example, and automatically notifies them when expirations, renewals and other milestones in the contract are coming up. It can also track which user made specific changes to a contract, limit access to authorized users and automate the workflow to speed up the approval process. (Its name comes from the red wine varietal the founders were drinking when they decided to launch the firm, with the spelling tweaked slightly for search-engine optimization.)
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