Passageways Announces Capital Raise and Expansion Plans
Lafayette, IN, January 30, 2020 – Passageways today announced the closing of a $5 million round of new growth capital with its existing investors. Passageways also appointed Tom Millay as General Manager for its OnSemble product line.
Passageways announced the closing of a round of growth capital, buoyed by significant multi-year growth rates in both revenue and customers. This new capital was raised from existing investors Five Elms Capital and Saratoga Financial. The company will continue to expand into new market segments, especially as its board management platform, OnBoard, has gained global traction.
In announcing the news, Passageways’ Co-Founder and CEO Paroon Chadha said, “This new investment validates our efforts over the past 18 months. We’re excited about deepening our investment in our products and market reach as we build upon our recent placement on the G2 Crowd Leaders Quadrant in the board management space. And with an experienced leader like Tom joining our team, we’re better positioned than ever to grow and provide additional value to our customers.”
Millay will lead Passageways’ Employee Intranet product, OnSemble. His career spans over 25 years of leadership in B2B software, including senior executive roles at venture capital, private equity, and public software companies. Millay will lead the management and strategy of the OnSemble team.
“It is an honor to lead OnSemble into the future,” said Millay. “Existing leadership has taken Passageways to new heights, and I look forward to building on our momentum and delivering value for our customers.”
Commenting on the ongoing partnership, Founder and Managing Partner at Five Elms Capital Fred Coulson said, “We see tremendous opportunity in front of us as Passageways’ OnBoard has established itself as the leading board management platform. We are excited to see the growth that the team recorded through expanding into new territories and market segments.”
Passageways plans to add another 50 employees this year between its three offices, expanding on its existing 120 employees across its North American and EMEA operations.
About The Author
- At OnBoard, we believe board meetings should be informed, effective, and uncomplicated. That’s why we give boards and leadership teams an elegant solution that simplifies governance. With customers in higher education, nonprofit, health care systems, government, and corporate enterprise business, OnBoard is the leading board management provider.
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