Indianapolis-based tech firm Passageways has closed on a $5 million round of funding. The company, which provides a Software-as-a-Service platform for company boards and employees, will use the funding to expand into new market segments.
The funding round was led by previous investors Five Elms Capital in Missouri and Saratoga Financial. Passageways says it also plans to add 50 employees in 2020 among its three offices. The company has locations in Indy, Lafayette, and the United Kingdom.
Additionally, Passageways has appointed Tom Millay general manager of its OnSemble product line.
“This new investment validates our efforts over the past 18 months,” said Paroon Chadha, co-founder and chief executive officer of Passageways. “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.”
The company says has seen significant growth in both revenue and customers over the past few years.