Cromwell’s Payveris raises $7M
HBJ PHOTO | Gregory Seay
Payveris LLC CEO Ron Bergamesca.
Cromwell financial-technology firm Payveris LLC says it’s raised $7 million in venture funding to accelerate development of its cloud-based software and client acquisition.
Payveris, which develops digital payment products for banks and credit unions, on Thursday said the Series D funding round was led by Silicon Valley-based venture capital and private equity firm Mosaik Partners LLC.
Other investors included Connecticut Innovations, the state’s quasi-public venture capital arm, Florida-based Black Dragon Capital LLC and Avon’s Ironwood Capital. A credit union funder was not named.
The named investors also participated in Payveris’ $10 million Series C funding round in 2016.
“We led the Series C because of the potential we saw in Payveris,” said Howard Mergelkamp, managing partner at Mosaik Partners, who also serves on Payveris’ eight-member board of directors.
David Dame, Payveris’ board chairman, said the company has achieved significant growth under the leadership of CEO Ron Bergamesca, a veteran marketer who became the head of Payveris in Feb. 2017, as it now provides payment services to more than 240 financial institutions.
Previously headquartered in Rocky Hill, Payveris’ current home is at 110 Court St. in Cromwell.
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