Series C Round Includes Participation from Existing Investors, Bain Capital Ventures and MissionOG
Venminder, a leading innovator in third-party risk management solutions, today announced that it has raised a $33 million Series C funding round led by new investor Silversmith Capital Partners, with participation from existing major institutional investors, Bain Capital Ventures and MissionOG. The company plans to use the proceeds of the capital raise to propel forward feature development from its product roadmap, capture additional share in core verticals and expand further into new markets.
The investment follows Venminder’s continued track record of rapid growth, with the Company adding its 800th customer earlier this year and nearly tripling its revenue over the past 3 years. Demand for Venminder’s differentiated vendor risk management solutions has continued to increase through 2020, as the COVID-19 pandemic has heightened awareness of the importance of partnering with vendors that can verifiably provide a safe and secure environment for their customers and customer data.
“Closing a significant Series C round, during these uncertain times, further validates Venminder’s unique approach to managing third-party risk,” said James Hyde, CEO of Venminder. “We combine a comprehensive SaaS platform built with the capabilities to drive an entire third-party risk management program, with experienced in-house thought leaders, who can identify and assess the risk of vendor data by providing key oversight analytics and insights. The capital raise places Venminder in an excellent position to continue its path of expansion, as we address the complex and evolving challenges our customers and prospects face when managing vendor relationships. With this investment round, we are also very excited to bring on a new partner in Silversmith Capital Partners and welcome their co-founder Todd MacLean as a new Venminder board member, both of which have deep-rooted knowledge and networks across the technology industry and within our vertical end markets that will help facilitate our continued growth.”
Founded by Dana Bowers, a serial entrepreneur who also founded iPay Technologies, Venminder’s purpose-built SaaS-based software platform is configurable and designed for growth and scale, flexibly serving customers ranging from small businesses to Fortune 500 companies. The platform is a unique solution for organizations seeking to build a comprehensive, end-to-end view of the risks their vendors may pose, enabling them to seamlessly track, automate, assess and report on all vendor activity in a centralized information repository. As part of its continued platform development efforts, Venminder also launched the Venminder Exchange earlier this year, an unparalleled marketplace providing professionals a fast and efficient way to search and preview vendor risk assessments completed by qualified professionals, such as CISSPs, CPAs, and other thought leaders, in one easy-to-use, centralized location.
“We are really excited to partner with James, Dana and the entire Venminder team,” said Todd MacLean, managing partner, Silversmith Capital Partners. “At Silversmith, we strive to be thesis-driven in our approach and the case for reducing the risk associated with today’s extended enterprise is compelling. Even more so, however, our decisions are ultimately driven by management teams, and the ability to partner – again – with the team that built iPay into such a success is one we feel extremely fortunate to have.”